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Commissioners to vote on incentives for Charles Schwab

Tuesday, July 29, 2014 by Michael Kanin

In a late addition to its agenda, the Travis County Commissioners Court will hold a public hearing today on a proposed economic incentive agreement with Charles Schwab Corporation, which is proposing a major a expansion of its Austin operations. Last week, the Texas Enterprise Fund approved a $4.5 million investment in Schwab’s Austin expansion, which is expected to create 823 new jobs and bring $210 million in capital investment into Austin. Commissioners will consider a 48.4 percent tax rebate based on the financial services company’s job creation and capital investment over a 10-year period. County officials did not put a dollar figure on the agreement, but critics of the deal are saying it could cost as much as $8.4 million. Commissioners will not vote on the deal until next week., Brian Rodgers’ public interest group, plans to be on hand for today’s public hearing to protest the deal.

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