Charles Schwab to potentially create 823 jobs, invest $210 million in Austin

Jul 30, 2014
Impact News

The Charles Schwab Corp. plans to expand its presence in Austin by adding 823 new jobs and investing $210 million during the next 10 years, Gov. Rick Perry’s office announced July 24

The state’s $4.5 million grant for the company is contingent upon approval of a local incentive agreement by Travis County. Commissioners will discuss a draft incentive agreement July 29 and consider voting on the agreement Aug. 5

The San Francisco–based company already has about 1,000 employees based out of its facility at 12301–12401 Research Blvd. Charles Schwab first opened a branch office in Austin in 1982

Documents released by Travis County indicate the company will construct a new facility between 200,000–300,000 square feet in size on 50 acres of land in the county’s Precinct 2, which includes portions of North, North Central, Northeast and West Austin. The investment would increase the tax base for Travis County, the city of Austin, Austin ISD, Austin Community College and Central Health

Bulgatz said details of the company’s proposed expansion, including an exact location of a new facility, in Austin are contingent upon the county’s approval of the incentive agreement

If Travis County approves the performance-based grant, Charles Schwab would receive a 48.5 percent rebate on ad valorem property taxes for its new facility plus an additional 5 percent rebate if the company achieves Leadership in Energy and Environmental Design status for the building, according to county documents. The county estimates the grant amount would be about $3.6 million for the 10-year period

The average salary of the new jobs will be $79,602 with the lowest 10 percent of job salaries averaging $39,733. The county will require an $11 per hour wage floor for construction workers of the new facility, according to county documents

Charles Schwab also announced plans to create 445 jobs in El Paso and invest $21.5 million. The state will provide a $1.45 million grant for the El Paso project

According to the governor’s office, the state has invested almost $560 million through the TEF in companies to create about 75,000 jobs and invest nearly $24 billion in the state. The fund was created in 2003 to promote job growth in Texas. Visit the TEF website for more information

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