Starting in 2018, Exeter Buda Land L.P. will develop over 600,000 square feet of industrial space available for lease on 30 acres in Buda. Buda Mayor George Haehn said he looks forward to seeing more developments like this one in the future and applauds all those who were involved. “Thanks to the hard work and dedication of the [Buda Economic Development Corp.], city staff and leadership, Buda has once again secured a much needed commercial and retail development project. This project has the potential of providing more employment opportunities for our citizens and expanding the tax base of our city." The project expects to create at least 50 new jobs in Buda at a site near the current US Foods facility. Barney Sinclair of Exeter Property Group said pending permit approvals, the company plans to close on the property and begin construction on Phase 1 of the project in early 2018. “Exeter has been interested in developing an industrial and distribution complex in the Austin-San Antonio corridor and we are excited about the potential the Buda site possesses,” Sinclair said in the news release. According to the news release, Hays County is providing a 15 percent rebate of net new property taxes generated once the building is completed, which will increase to 30 percent upon Exeter securing a lease with a tenant that employs at least 50 people. The maximum amount of rebates Exeter can receive is $125,000 over the life of the agreement. Exeter will be investing anywhere from $7 million-$14 million in the first phase of project, which is projected to generate from $300,000 to $450,000 in new property tax revenue to Hays County after the rebate over the next eight years. The city will provide a $62,500 cash incentive to reimburse a portion of infrastructure-related costs upon Exeter completing construction of a 300,000-plus-square-foot building. Exeter will receive an additional $62,500 incentive upon securing a tenant that will employ 50 people. Ann Miller, Buda Economic Development Corp. executive director, said in the news release that this project has the potential to create a hub of economic activity in Buda and northern Hays County. "The space has the ability to be leased to a variety of tenants, many of which will create new quality jobs for the community and help spur additional investment in our community," Miller said. "Tenants could generate new sales and property taxes as well.” Plans for Phase 2, which include another 300,000-square-foot building, are being developed and could result in additional capital investment of several million dollars.