SCOTTSDALE, Ariz. — The Scottsdale City Council has recently approved a development agreement with a tech company that could potentially bring hundreds of jobs to the region.
Advanced Semiconductor Materials, founded in the Netherlands, entered into a deal with Scottsdale after the company bought 21 acres near the Loop 101 and Miller Road to build its new North American headquarters.
“Scottsdale welcomes ASM, a best-in-class multi-national tech company with a community-centered culture,” Scottsdale Mayor David Ortega said in a statement on Wednesday.
The agreement involves ASM receiving reimbursements for public infrastructure costs the company incurs during development. The reimbursement amount is capped at $6.3 million, city records show.
The company intends to relocate 720 existing jobs to the new headquarters and up to 500 new jobs are expected to be created.
Another element of the agreement entails ASM transferring renewable water credits to the city to help support the project.
"The overall economic impact of this project over 10 years is estimated at $4.1 billion, including $1.5 billion in total output related to new jobs from the expansion, and $2.6 billion in total output related to existing Jobs that will be relocated to Scottsdale," city records state.
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