The Taylor City Council participated in a joint meeting with the Williamson County Commissioners Court held on Wednesday, Sept. 8. In the meeting, Council approved a resolution to support Samsung Austin Semiconductor, LLC's selection of the City of Taylor as the location of its semiconductor plant and authorize several economic development incentives for the project. The City of Taylor has been in consideration as the possible location of Samsung's expansion in the United States.
“I am just so appreciative of Samsung for providing Taylor the opportunity to compete for this project,” Mayor Brandt Rydell said at a press conference held after the meeting. “And we just needed that opportunity because we knew we had something special here in Taylor. And we had a team, an incredible team that could make this happen. And that team included our partners at the county level, the state and the federal level. And then all of our local partners here from the school district to our Economic Development Corporation to our Chamber of Commerce. We have a fabulous community; fabulous spirit and we knew we had a great story to tell to Samsung.”
The City's resolution includes authorization for the Mayor to take necessary action to execute a Tax Abatement Agreement, a Development Agreement, a Development Review Services Reimbursement Agreement, and a Tax Increment Reinvestment Zone Economic Development Agreement and Chapter 380 Economic Development Incentive Agreement. By law, the City must follow a series of steps prior to executing the economic development agreements described in the resolution. These steps include holding a public hearing to designate a reinvestment zone, and then approving a tax abatement agreement after a 30-day public notice period. The City will hold the public hearing for the designation of the Reinvestment Zone on Thursday, September 9. If approved, the final tax abatement agreement will be scheduled for consideration at Special Called City Council Meeting on Thursday, October 14.
“Should Samsung select Taylor as the location for this project, it opens up a world of opportunity for this community, for our existing businesses, for new businesses in Taylor, for our residents, for our kids,” Mayor Rydell said.
To view a recording of the meeting as well as additional information about the project, visit https://www.wilco.org/Departments/Public-Affairs/Economic-Development-Agreement-Samsung.