NEW ALBANY, Ohio — New Albany's city council unanimously approved a 30-year property tax exemption for Intel.
Earlier this year, Intel announced a $20 billion investment into the Licking County area to build two chip factories by 2025.
Under the agreement, if Intel does not bring in a certain amount of revenue each year, the company will have to pay the difference to the city.
Typically, tax exemption agreements are 15 years, but council voted to make it 30 years due to the size of Intel's project.
Intel is expected to generate more than 20,000 jobs in the state. This includes 3,000 direct Intel jobs and 7,000 construction jobs over course of the build.
In addition, tens of thousands of additional indirect and support jobs such as contracted positions, electricians, engineers, and jobs in restaurants, healthcare, housing and entertainment are expected.
Construction for the factories is set to begin later this year.