Is Texas Instruments about to spend three-plus billion dollars in Richardson? There are a lot of questions right now on this new Texas Instruments plant that is likely to end up in Richardson after they shopped around the country looking for a place to do it. So TI is going to spend somewhere around three billion dollars building a plant on some land that they do actually already own right on Renner Road between Custer and Alma where they already have a plant.
I've had the opportunity to tour that plant. It is unbelievable with its robot arms and airtight rooms. It's crazy, but they're going to be spending three billion dollars on another plant there. This is an incredible opportunity for Richardson to add around 500 jobs.
Richardson is offering some pretty significant tax incentives to try to do that. There's some argument over whether that should or shouldn't be done, but the good news is somewhere around 500 jobs will be added to the area. There's always an argument about are those new jobs or those replacement jobs. The fact of the matter is 500 jobs in Richardson is a big deal for the city.
Long-term those tax incentives will kind of come and go, but that will be a huge positive benefit to Richardson when a company spends billions of dollars to stay or come to your city. It's a good thing. Whether it's as good as it could've been. It's a good thing.
So Richardson specifically we'll see a lot of positive implications here. Plano certainly we'll see some benefits, as well Garland and North Dallas. So when 500 jobs come to an area, that spiders out into a lot of positives. You know more people are eating at restaurants, buying from grocery stores and putting their kids in schools.
The original TI building has a lot to do with how Richardson even came to be in the first place. The infrastructure for their original plant that allowed the developers to build many of the homes and commercial infrastructure of Richardson period. Some of the schools wouldn't even have developed as quickly as they have without Texas Instruments being an anchor provider, anchor employer and anchor developer in this community.
In my opinion, we owe a lot of gratitude to TI. Of course, we can argue whether the incentives were really needed or not, but the fact of the matter is 500 jobs and about three billion dollars worth of investment right here in our community is an exciting thing. So whether you're in or around Richardson, or you're somewhere else in the world thinking about what it means for a company like TI to come to town, yes there may be some negatives, but I am convinced that the positives will far outweigh it.
So Richardson and surrounding areas will probably see some positive uptick in property values. There's a lot more tax revenue coming to town. Hopefully, that means cities like Richardson will look less to tap into property tax increases or city tax increases. So great news for Richardson and surrounding areas. TI is here to stay for a long time.