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Austin Officials Announce New Visa IT Center; Promising 800 New Jobs
Texas Gov. Perry and City of Austin officials announced Wednesday that Visa will open a new IT center in the city. But in exchange for the promised 800 jobs the new center would create, the state will give millions to Visa from the Texas Enterprise Fund.
A spokesperson for Gov. Perry says the state has offered the global payments technology company $7.9 million. Execution of the state agreement is contingent upon finalization of local incentives.
"Visa is continually looking for opportunities to add world-class talent to our organization," said Will Valentine, a Visa spokesperson. "Austin offers a vibrant technology community and business-friendly climate, and we are working closely with local officials to finalize an agreement."
City of Austin officials say the Visa IT Center will create at least 794 jobs over next 5 years, with average salary wages across all positions of $113,351 a year.
The City's proposal includes a performance-based grant over a 10-year period, for a total incentive estimated at $1,560,000. A presentation on the proposal will be provided to the Austin City Council at a Special Called meeting on November 28 at Austin City Hall.
The Texas Legislature created the TEF in 2003. Projects must be approved by the governor, lieutenant governor and speaker of the House.