SHERMAN, Texas (KXII) – Sherman is a finalist for the location of a new Texas Instruments manufacturing facility.
The school authorities unanimously approved the application for the system in their meeting on Tuesday.
The board has hired a consultancy to review the application and submit it to the Texas Comptroller’s Office.
“This is the first step in putting together a package that TI can submit so that we can be considered for one of their manufacturing sites to move here,” said Sherman Mayor David Plyler.
The board voted to give the company a cut in its property taxes in hopes of getting it to move the plant to Sherman.
Plyler said if the school district, the city, Grayson College, and Grayson County paid the sales tax that the plant would bring in with all the new people and businesses involved, more than made up for the lower property tax rate.
The plant could create 800 to 1,000 jobs, with the possibility of more later. That is more than what the current facility currently employs.
“Sales tax revenue will fall off the charts, lots of new people will move in. We are also recognized internationally, we are highly regarded for this new facility, ”said Plyler.
Plyler said the move would help build Sherman’s “representation as a high-tech manufacturer.”
“This will also bring suppliers for TI to Sherman and other companies to support their operations, and this will result in exponential growth over the next five to ten years, and probably longer,” said Plyler.
Plyler said the compromise on a lower property tax rate was “more than made up for”.
“Also, the new job for our people – they’ll become senior security guards, canteen workers, janitors, engineers,” said Plyler. “It takes a large number of people to operate such a system, and that opens up opportunities for all of our systems.”
This new facility would make TI the city’s largest employer and taxpayer.
The company announced last year that it would close the existing Sherman plant between 2023 and 2025.
This project is for a completely different property than this establishment.
A response from TI could come as early as the end of this year.
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