GEORGETOWN – The Williamson County Commissioners Court this week approved a partial tax abatement to a South Korean supplier of the developing Samsung semiconductor plant near Taylor in anticipation of a $600 million development.
Soulbrain Holdings Co. Ltd., a manufacturer of phosphoric acid key in the making of semiconductor chips, secured the incentive to spur construction starting this year on 85 acres it purchased at the RCR Taylor Logistics Park last year.
Commissioners unanimously approved the measure at the regular Tuesday meeting after economic development officials extolled the project.
The 10-year agreement calls for a 25% abatement of taxable value over the course of two development phases. According to a county document, the minimum taxable value for each phase is $100 million over the 10-year period.
The so-called Chapter 312 incentives agreement applies only to taxes paid to the county’s maintenance-and-operations fund.
County Judge Bill Gravell – returning to the dais after having visited South Korea to help spur additional business – touted the project, saying it ultimately amounts to taxable value of at least $600 million.
The abatement is the latest set of economic inducements to the company following previous agreements passed by the Taylor City Council and the Taylor Economic Development Corp. for the acid plant, which will be near Samsung Austin Semiconductor’s site.
“The tax abatement calls for abating less than $2 million back to Soulbrain but would provide Williamson County $18 million,” Ben White, president and CEO of the Taylor EDC, said ahead of the commissioners’ vote. “If you could give up less than $2 and get $18 in return, that’s a tremendous investment in the community.”
Added Dave Porter, executive director for the Williamson County Economic Development Partnership: “This is a critical component for Samsung.”
He noted Samsung’s $17 billion semiconductor plant is not its sole client.
“(Soulbrain) can supply other semiconductors throughout the country with their chemicals. This really does add to the ecosystem and help build Williamson County as the next hub for semiconductor,” Porter said.
For more on this story and details about the commissioners’ meeting, pick up the next copy of the Taylor Press.
