TAYLOR, Texas (KXAN) — We’re learning more about the deal the Taylor Independent School District is offering Samsung to get the company to build its new $17 billion plant in the area.
Officials are hoping the company’s announcement will come soon. An executive is visiting North America and Samsung have said in its application filings they want to start construction in January.
KXAN spoke with one of the attorneys who worked on Taylor ISD’s agreement to find out more about the incentives they hope will entice Samsung to call Taylor home.
“The opportunity for the fabric of the Taylor community to be interwoven with Samsung would be transformational for our students,” said Taylor ISD Superintendent Devin Padavil about two months ago.
He was pushing for city and county leaders to approve incentive deals for the possible plant. Now, the school district is offering up its own.
“We put our best foot forward,” said Kevin O’Hanlon, an attorney hired as a consultant for Taylor ISD’s Ch. 313 agreement negotiations. “We think and hope that it’s gonna get located here.”
O’Hanlon says the agreement would save Samsung about $292 million in gross taxes over 15 years. After additional payments to the school district, that total in savings comes down to about $246 million, he says.
O’Hanlon says Samsung will still be paying about $46 million to the school district over that time period. That’s money the Taylor ISD isn’t currently getting, he says.
“It’s a significant incremental improvement to the educational resources that will be available to the kids in the district,” he said.
O’Hanlon says Samsung would also still be paying full taxes on debt services, like bonds.
“So what happens is, is that a big installation like this that has significant values, does benefit all the other tax payers as well, by pushing their taxes down,” he said.
But he says that could also be balanced out down the road if more workers move to the area, bringing their families and creating the need for new bonds for new schools.
If Samsung chooses to land in Taylor, they’d also have to provide internships to at least 24 Taylor ISD students per year.
“Our children would grow up here, they could be educated and trained here and work and live in a community with a strong sense of pride and tradition,” Padavil said during the city and county’s joint meeting in September.
O’Hanlon says he expects a copy of Taylor ISD’s agreement will be available this week.
Manor ISD was also in the running for an agreement with Samsung, but the Texas Comptroller’s office tells KXAN that Ch. 313 application was withdrawn last week.