“It was a dog fight.”
Sherman Economic Development Corporation
.…on battling with rivals in South Korea and Ohio to bring GlobiTech’s $5 billion new silicon wafer plant to Sherman, via the Dallas Business Journal.
On Monday, we wrote about the city of Sherman landing a new $5 billion, 3.2 million-square-foot silicon wafer plant.
Beating out two other potential sites in Ohio and South Korea, GlobiTech’s new 3.2 million-square-foot Sherman facility will create 1,500 new jobs. To be built in four phases, with construction kicking off later this year, the new plant could eventually produce more than 1 million silicon wafers monthly when production begins by 2025.
Winning the battle wasn’t easy, Sharp says in the Dallas Business Journal, noting that Ohio has laws on the books that give any project with a capital expenditure of $1 billion-plus a 30-year, 100% tax abatement.
“We started putting our pencils together and developed a tax abatement package that was consistent across the city, county, school district and college,” Sharp told the DBJ.
“That’s economic development,” he added. “You wish the company would just show you what they’ve got, but the company is never going to do that. It’s like playing poker with a mirror behind your back.”
For other revealing quotes about what’s new and next in North Texas, check out Every Last Word.
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