First discovered by Austin Business Journal, the transaction – between Apple and McShane Development Co., LLC – was for three tracts of land in the Milwood Section 20 subdivision near Parmer Lane and Delcour Drive. The purchase was finalised on June 20, although details on the exact acreage and the amount Apple paid to acquire it is unknown.
The newly bought land sits adjacent to Apple’s current campus situated at 12545 Riata Vista Circle in Austin. Apple’s plans for the US$304 million expansion will create up to 3600 new jobs, doubling the size of the company’s workforce in Texas.
The state of Texas will award Apple US$21 million over the next 10 years in return for the new jobs created and the expected economic growth to follow. The city of Austin will also pay Apple US8.6 million for the office expansion.
Meanwhile, the local Travis County has agreed to offer Apple US$5.4 million in tax rebates, provided the company meets minimum salary requirements. Apple, in turn, has confirmed that its lower paid employees will earn an average salary of US$35,000, with contractors set to make a minimum of US$11 per hour.