The San Antonio City Council on Thursday approved a tax incentive of $16.2 million for 10 years for a major expansion of the Toyota Motor Manufacturing Texas, Inc. (TMMTX) plant.
– The San Antonio City Council on Thursday approved a tax incentive of $16.2 million for 10 years for a major expansion of the Toyota Motor Manufacturing Texas, Inc. plant.
The council also approved an Economic Development grant not to exceed $1 million from the Economic Development Incentive Fund. In addition, council members approved the waiving of fees from the city and San Antonio Water System not to exceed $800,000. Funding for the city fees will come from the General Fund.for the plant of nearly $15 million for 10 years.
The TMMTX expansion plan includes a proposed new standalone building and expansion of existing facilities, with an anticipated building footprint of more than 500,000 square feet. The company said it would invest $531,720,000 in the project, creating 411 new jobs with a base hourly wage of $20.54 and an average salary of $68,245 per year, according to the plan presented to commissioners.
In addition to the 100% tax abatement for 10 years, commissioners also approved the company receiving a skills development grant of up to $250,000 based on 250 new jobs paying at least $34.55 per hour, or $71,864 annually.Ivan Herrera has worked as a journalist in San Antonio since 2016. His work for KSAT 12 and KSAT.com includes covering breaking news of the day, as well as producing Q&As and content for the "South Texas Pride" and "KSAT Money" series.
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