San Francisco-based Visa U.S.A. Inc will soon be joining the technology sector of Austin, bringing 800 new jobs over the next five years.
Governer Rick Perry announced last week that Visa will build a new global IT center in Austin, and in exchange for Visa's commitment to create new jobs, the state has offered $7.9 million to the company through the Texas Enterprise Fund (TEF). In a press release, Perry stated:
Texas is competing nationally and internationally for jobs and we want companies who are looking to expand or relocate to consider the Lone Star State first and all we have to offer. Visa's decision to build a new global IT center in Austin is a great fit with our skilled workforce and Central Texas' reputation as a hub for high tech companies.
Visa spokesperson, Will Valentine, affirmed Austin's reputation as a national technology hub. "Visa is continually looking for opportunities to add world-class talent to our organization," he said. "Austin offers a vibrant technology community and business-friendly climate, and we are working closely with local officials to finalize an agreement."
As reported by the Austin Business Journal, the city of Austin "has proposed $1.6 million in economic development grant money if Visa meets investment and employment goals."
Austin City Council will discuss the deal at its November 28 meeting; City Council is slated to vote on the incentives offer on December 6.