Apple buying land for $300M Texas expansion

19 Jul

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In March it was revealed that Apple (AAPL) was planning to build a $304 million campus expansion in Austin, Texas that would create some 3,600 jobs, doubling the iPhone-makers Texas workforce. The Cupertino-based company is now one step closer to completing its plan thanks to the purchase of three tracts of land from McShane Development Company, a deal that was finalized on June 21st, Austin Business Journal reported. The land is adjacent to Apple’s current campus in Austin, which is located at 12545 Riata Vista Circle and houses the customer support, sales and accounting teams. Over the next 10 years, the company will receive nearly $37 million in incentives from both the state and local government in Austin for its role in creating new jobs and stimulating the economy. Apple has pledged that it will pay an average salary of $35,000 for the bottom 10% of its Texas employees, and a minimum of $11-per-hour for contractors.

 

http://www.bizjournals.com/austin/news/2012/07/17/apple-buys-austin-land-from-mcshane.html?ana=yfcpc

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