Council to take up NXP incentives Thursday

The city has opened the public comment period related to upcoming negotiations for an economic incentives package for Netherlands-based NXP Semiconductors N.V. According to an announcement from the city, NXP is considering expansions to its two facilities in Austin with a projected capital investment of $290.8 million and the creation of 53 jobs over five years. The incentive package would utilize the city’s Chapter 380 Economic Development award and would allow the company to receive a property tax reimbursement of up to 65 percent if the company meets agreed-upon thresholds for job creation and capital investment. A public hearing regarding the incentive proposal is scheduled for Thursday’s City Council meeting. Last year, the company sought incentives from a now-discontinued state program that would have reduced its taxes paid to Austin ISD. At the time it detailed plans to create 350 jobs paying more than $60,000, with the possibility of building a third fabrication facility in the area.