SAN ANTONIO – The San Antonio City Council on Thursday approved a $24.4 million incentive package for a major expansion of the Toyota Motor Manufacturing Texas, Inc. (TMMTX) plant.
The package includes a partial tax break for 10 years worth of city taxes worth an estimated $14.7 million, an Economic Development grant worth up to $1 million, and up to $800,000 in city and San Antonio Water System fee waivers.
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On top of that, the city also promises to invest the balance of the project’s future assessed taxes – an estimated $7.9 million – on nearby public infrastructure.
The council approvals come two days after the Bexar County Commissioners Court approved a tax incentive 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.