Council hears VISA economic proposal

AUSTIN (KXAN) - The city's Economic Growth and Redevelopment Services office presented a proposal to Austin City Council in a special meeting on Wednesday about incentives and benefits it suggests the city give VISA.

The global company is looking to locate an information technology center in Austin, which would bring nearly 800 jobs to the region.

Council members will conduct a public meeting about the suggested incentives on Dec. 6 before it takes a formal vote that night. Online public comments will be transmitted to City Council on Dec. 3.

Read the presentation documents.

According to the proposal, VISA is obligated to create 794 new full-time jobs in the next five years with an average annual wage of $113,351. The company must also invest $18.7 million in property improvements, move into a building and open it as its proposed information technology center.

The city of Austin economic incentive package is proposed as $1,560,000 over a 10-year period. The grant equates to $250 per new job created by VISA per year. The city is not obligated to make a grant payment if the city determines VISA has not met its obligations.

VISA is a 36-year-old payments technology company with headquarters in Foster City, Calif., with 18 locations in the U.S. and 70 in other countries.

In evaluating criteria about VISA, using a standard economic development matrix, the company scored 90 out of 100.

The VISA score was based on five criteria:

• Overall economic and fiscal impact
• Linkages to the local economy
• Infrastructure impact
• Character of jobs and labor force practices
• Quality of life and cultural vitality