MCKINNEY, Texas — This article was originally published in the Dallas Business Journal. Read the original article and more business content here.
A Taiwanese electronics giant is weighing a major expansion in McKinney that could bring hundreds of jobs and advanced manufacturing to the suburb north of Dallas, with local officials working to finalize a multimillion-dollar incentives package to seal the deal.
Lite-On Technology USA Inc. is considering purchasing two buildings totaling more than 650,000 square feet at 300 and 310 Cypress Hill Drive within the Core5 Logistics Center, a new industrial park in McKinney. The $300 million investment would bring advanced electronics manufacturing, research and development, and about 500 new jobs to the Collin County seat, according to an application for JETI incentives.
JETI — the Jobs, Energy, Technology and Innovation program that replaced the state’s Chapter 313 incentives program — gives qualifying companies a 10-year reduction on part of their school property taxes by lowering the taxable value of a property. Under the program, eligible businesses can receive a 50% reduction in the taxable value of qualifying property for school district maintenance and operations taxes, which are usually the largest portion of a Texas property tax bill.
If approved, Lite-On’s project would earn the tax abatement from McKinney Independent School District. Under the proposed agreement, McKinney ISD would limit the taxable value of the property to 50% of its appraised or market value for 10 years of maintenance and operations taxes starting in 2029. It’s expected to save the company about $4.75 million in school district M&O taxes over that 10-year period, according to the JETI application.
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