That agreement would see Tesla save over $68 million on its portion of the property tax bill paid to the school district.
Now Travis County has paved the way for Tesla to select it as the location for the proposed Gigafactory, by also approving a 20-year economic incentive agreement.
The deal, approved during a Travis County Commissioners Court meeting on Tuesday, would allow Tesla to receive a 70% rebate for “maintenance and operations” property taxes over the length of the deal.
In addition, Tesla would receive a 75% rebate for taxes associated with the second “incremental billion”, and 80% when Tesla has invested $2 billion into the project.
The incentive agreement is all part of the plan to get Tesla to invest billions of dollars to build a 4.5 million square foot Gigafactory on a 2,100 acre site near the Austin-Bergstrom International Airport.
If it goes forward, the economic spinoffs from such a huge deal would boost the local economy for years to come.
h/t [Community Impact]