The Bryan city council is working on another economic development project associated with the semiconductor industry.
The council without public discussion at its August 13th meeting, agreed to compose a tax abatement agreement for the Honeywell electronic chemicals plant on Mumford Road.
The tax abatement would come from the creation of a reinvestment zone.
The only details from city documents is that “the purpose of this designation is to facilitate a major expansion of Honeywell in Bryan related to the semiconductor industry.”
To be composed, according to the agreement unanimously approved by the council, are “written agreements with property owner(s) located within the Zone shall provide identical terms regarding duration of exemption and share of taxable real property value and tangible personal property.”
The future written agreements will contain “(a) Duration of Exemption: includes number of consecutive tax years beginning with and including the January 1 assessment date” and “(b) Share of taxes abated: (i) includes number years of abatement, and (ii) annual percentage for each abatement year (i.e. percentage of the value of the taxable property in each year covered
by the agreement only to the extent its value for that year exceeds its value for the Base Year.”
WTAW News sent an e-mail to Honeywell’s corporate office requesting more information.
The Honeywell expansion comes as officials from the city of Bryan, Brazos County, Bryan ISD, and the Texas A&M system continues to wait for a decision whether a $10 billion dollar high tech manufacturing facility will be built on the RELLIS campus that is supposed to eventually employ 1,800.