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Austin Council Passes Visa Incentives Proposal
The Austin City Council passed an incentive package for Visa Thursday night that hopefully seals the deal on the company's plan to build an IT center in town that officials say will bring 800 well-paying jobs with it.
Texas Gov. Perry's office has already said that the state will give $7.9 million to Visa from the Texas Enterprise Fund. That money was contingent upon finalization of local incentives.
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.
The IT office will be in Northwest Austin, near Hwy 183 and Oak Knoll Drive.
The Texas Legislature created the TEF in 2003. Projects must be approved by the governor, lieutenant governor and speaker of the House.