Apple Inc. March 2012 Summary - AustinTexas.gov

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Apple Inc. March 2012

Summary Background  An economic development proposal is being submitted to City Council that includes a proposed economic development agreement between the City of Austin and Apple Inc. Apple Inc. – Company Overview  Publicly held company, 34 years in business, headquartered in Cupertino, CA.  Apple Inc. is a leading designer, manufacturer and marketer of mobile communication and media devices, personal computers, and portable digital music players, and sells a variety of related software, services, peripherals, networking solutions, and third-party digital content and applications.  Apple Inc. currently employs 3,100 employees in Austin, TX, which is one of its two US locations. Economic Development Proposal  EGRSO used the City Council approved Economic Development Matrix and WebLOCI Fiscal Impact Analysis to assess the economic development proposal.  Economic Development Matrix total actual score = 100.  The Economic Development Matrix score reflects the following: o Apple Inc. is proposing to build 200,000 – 1,000,000 square feet of new office space within the Desired Development Zone. o Apple Inc. will create between 650 - 3,635 new full-time jobs as a result of establishing its Americas Operations Center in Austin. These jobs will be created at the new location over the next 14 years with an average annual wage of $63,950. This will provide a broad range of job opportunities for Austin residents with an estimated 93% of the jobs hired locally.  WebLOCI Fiscal Impact Analysis o Phase I & II Combined  Total Direct Benefits over a 14-year period = $89.8 million  Total Direct Costs over a 14-year period = $75.2 million which includes a proposed estimated economic development grant of approximately $8.6 million (based on 100% of new incremental real and personal property City taxes generated by the project after certificate of occupancy is received)  Total Net Benefit ($89.8 million - $75.2 million) = $14.6 million Overall Benefits  Positive financial benefit to the City according to WebLOCI

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Between 650 and 3,635 jobs created in Austin Between $56.5 million and $282.5 million investment in real and personal property Employees are offered health insurance benefits, job training, career paths, and other benefits

Proposed Economic Development Agreement – Apple Inc.  Locate its Americas Operations Center in Austin  Phase I o $56.5 million investment in real and personal property by 12/31/15 o Create and maintain 650 new full-time jobs with an average annual wage of $63,950  Phase II o Additional $226 million investment in real and personal property by 12/31/21 o Create and maintain an additional 2,985 new full-time jobs with an average annual wage of $63,950  Locate within the Desired Development Zone  Work with local organizations to expand pool of diverse candidates in recruitment efforts  Abide by a supplier diversity policy  Comply with the standards and principles of the City’s M/WBE Program Ordinance in the design and construction of leasehold improvements  Comply with all City Code regulation, including applicable water quality regulations Contractual Obligations if approved by Council  Phase I and II: Provide performance-based economic grant equal to 100% of the new incremental real and personal property City taxes generated by the project for the tax years 2015 – 2024.  The proposed economic development agreement is performance-based, meaning the City is not obligated to make a grant payment for any year in which the City has determined that Apple Inc. has failed to fulfill an obligation or condition of the contract applicable to Apple Inc.

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Apple Inc. March 2012 Summary - AustinTexas.gov

Apple Inc. March 2012 Summary Background  An economic development proposal is being submitted to City Council that includes a proposed economic deve...

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