Sherman is a contender for Finisar’s new $3 billion semiconductor project
specialized lasers in Apple’s iPhone facial recognition technologyIn an application submitted this week to Sherman ISD seeking tax breaks, Finisar said it’s weighing Sherman and three other sites for a semiconductor wafer fabrication facility that would create 700 jobs. The company expects to begin construction in 2025 and launch commercial operations in 2028.
The company’s Chapter 313 application would cap its property taxes for a decade based on an $80 million valuation, a figure that’s well below the expected multibillion-dollar investment. Chapter 313 — the section in state tax code that gives school districts authority to limit taxes it collects as a way to encourage business investment — is scheduled to expire at the end of this year.
“Given Texas’ high property tax rates, the Sherman location is not competitive without a 313 agreement,” the company said in its application, whichFinisar said Sherman is competing with other company-owned sites in Easton, Pa., Warren, N.J., and Newton Aycliffe, United Kingdom. The Sherman site is undeveloped property on Finisar’s existing 76.7-acre campus along U.S. Highway 75.
for the all-important semiconductor supply chain. Semiconductors are the tiny chips that power modern computers and other electronic devices found in everything from phones and cars to industrial machinery.
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