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MegadealsSubsidy Tracker Individual Entry
Company: GlobiTech, Incorporated
Parent Company:
Subsidy Source: multiple
Location: Texas
City: Sherman
County: Grayson
Project Description: Semiconductor wafer fabrication plant
Year: 2022
Subsidy Value: $619,092,059
Program Name: multiple
Awarding Agency: multiple
Type of Subsidy:
MEGADEAL
Number of Jobs or Training Slots: 1,500
Wage Data: $52,844
Wage Data Type: Average annual wages
Capital Investment: $5,000,000,000
Source of Data: Chapter 313 School Value Limitation Agreements #1769-72:
(click here). Chapter 380/381 Economic Development Agreements #0006097-100 and #0006687-90:
(click here). Sherman City Council, June 20, 2022, Chapter 312 Tax Abatement Agreements:
(click here). Press release from the Office of the Texas Governor: "Governor Abott Announces GlobiTech Semiconductor Facility Expansion in Sherman," June 27, 2022:
(click here). Michael Hutchins, June 22, 2022, "3 down, 1 to go: Local taxing entities say yes to Globitech abatements," Herald Democrat,
(click here). Matthew Griffin, June 23, 2022, "Sherman hopes big lures catch wafer plant," The Dallas Morning News via LexisNexis.
Notes: GlobiTech will expand its existing operations in Sherman with a new silicon wafer plant. The facility will be constructed in four phases, the first GlobiTech expects to be completed by 2027 and the fourth by 2040. Local governments have awarded a combination of property tax abatements and refunds for each project phase: Sherman ISD's Chapter 313 abatement caps taxable value at $80M for 10 years during each phase (est. $221M); Chapter 380/381 agreements with Grayson County and the city of Sherman abate 85% of the company's property taxes for 10 years and then refund 75% for the next 20 years (est. $134M and $193M, respectively); Grayson College agreed to a 10-year 50% property tax Chapter 312 abatement for each phase (est. $22M). The Sherman Economic Development Corporation also approved $20M in grants for the company and sold GlobiTech a 144 acre parcel, worth $14.4 million, for just $1 acre. Finally, the state topped up the deal with a $15 million grant from the Texas Enterprise Fund. The city awarded the company a 25% discounted rate on its water and wastewater service as well, but that has not been included in the total subsidy value. Job, wage, and investment figures are based on company expectations once all four phases are complete. For details on the company's minimum job creation, wage, and investment requirements, see original contracts on the the state comptroller's website. Overlaps with main data: none.
Source Notes: If an online information source is not working, check the Tracker
inventory page for an updated link.