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Published on October 09, 2024
Williamson County Courts South Korean Tech Giant with Tax Incentives, Eyes Economic Growth and Student OpportunitiesSource: Williamson County, Texas - Government

In a significant move to boost the local economy, Williamson County has approved an incentive package for Soulbrain Holdings Co. Ltd., the South Korean company that provides materials to Samsung Electronics and is planning a new facility in the area. As reported by the Austin Business Journal, the Williamson County Commissioners Court unanimously agreed on Oct. 8 to offer a 25% property tax abatement over ten years for the company's proposed phosphoric acid plant.

This incentive follows previous approvals from both the Taylor City Council and the Taylor Economic Development Corp. to ease Soulbrain's establishment in the region. According to the same report, the county's agreement mandates that Soulbrain invest $175 million in the first phase and complete it by 2029, and subsequently invest $400 million in the second phase, aiming for completion by 2033. In return, the county is looking to significantly boost not only its economic footprint but also to ensure that local students have a chance to directly engage with the industry through internships.

As outlined in KVUE's report, the deal structured by Williamson County includes requirements for Soulbrain to make a capital investment with minimum taxable values set at $100 million for each phase of the project, in exchange for consistent tax abatements. KVUE notes the agreement also stipulates that the company will hire at least 50 positions within five years, and partner with local schools to provide valuable employment opportunities and internships to Williamson County high school students.

Williamson County Judge Bill Gravell emphasized the long-term benefits for residents, stating in a statement obtained by KVUE, "This agreement is about taking care of our next generation of kids. These will be sought after internships and job opportunities." He also highlighted the attractive return on investment, explaining that "For granting an abatement of $2 million, we will gain $18 million in taxable property value. That is significant to offset property taxes for our residents."

Soulbrain's commitment to Williamson County is to establish a significant presence, set to become its U.S. headquarters. This move comes at a time when multiple Samsung suppliers are strategically positioning themselves in the region, indicative of a growing tech-centric hub outside Austin. With a proposed investment nearing $600 million, Soulbrain's foray has become a centerpiece for economic development north of the Texas capital, with potential ripple effects across both the local workforce and the broader technological manufacturing landscape.

Austin-Real Estate & Development