DEL VALLE, Texas (KXAN) — On Thursday, the Del Valle Independent School District approved an incentive agreement with Tesla, which would allow the car maker to build a 4-5 million square-foot electric vehicle manufacturing facility on land that’s in the district’s jurisdiction.

Tesla, owned by billionaire Elon Musk, is looking to build a Gigafactory at the intersection of State Highway 130 and Harold Green Road on about 2,100 acres, according to its June application.

The incentive agreement would allow Tesla to save money on its property tax bill paid to the school district — more than $68 million — by capping the property value for 10 years.

The plant would create an estimated 5,000 jobs, according to Tesla’s Section 313 tax limitation application with the school district. According to the application, wages for 25 positions would be around $74,000 per year.

On its application, Tesla promised to create 5,000 jobs, but did not specify a salary range for those jobs.