HUTTO, Texas — A $2.4 billion semiconductor research and development lab could be coming to Hutto, according to a report from Community Impact.
On Thursday, Hutto ISD's board of trustees reportedly accepted an application for a tax incentive in connection with the Applied Materials project. California-based Applied Materials provides supplies and services to semiconductor manufacturers.
An attorney for HISD told Community Impact that accepting the application was only the first step in a longer review process that will last several months. Neither the project nor the agreement is final at this time, according to the report.
The attorney said Applied Materials would invest approximately $2.4 billion in Hutto in connection with the project. The proposed agreement would require the company to invest the first $80 million within a certain time period, after which the project's valuation for HISD maintenance and operation taxes would be capped at $80 million for a further period of time, the report says.
Attorneys for Applied Materials and HISD will negotiate more precise terms as part of the review process.
Community Impact reports that HISD officials couldn't confirm a location for the project but said more information will be made available in the coming days.
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