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San Jose To Offer Samsung $7M Not To Leave For Texas

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Samsung Electronics

Samsung in San Jose. (CBS)

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SAN JOSE (CBSAP) — San Jose was set to offer a $7 million incentive package to keep Samsung Semiconductor from leaving town for Austin, Texas.

The San Jose City Council was expected to meet Tuesday to approve the plan, which includes tax and fee breaks and equipment reimbursements.

The deal was unveiled at an August signing ceremony at the City Hall Rotunda with Gov. Jerry Brown, Mayor Chuck Reed and Jong-Joon Kim, president of device solutions for Samsung Electronics.

Samsung Semiconductor, based in San Jose since 1986, has 370 employees in 200,000 square feet of office space on North First Street.

Austin was also offering financial incentives along with Texas’ lower taxes and energy costs.

(Copyright 2013 by CBS San Francisco. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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