Exxon Mobil Corp. is boosting its Houston, Texas presence even further, and Montgomery County Commissioners have approved two 10-year, 100 percent tax abatements for one and a half office buildings and an 11-story parking garage. Exxon plans to occupy about 480,000 square feet in Hughes Landing in the Woodlands, consisting of a 317,052-square-foot building, which will be 12 stories with an 11-story parking garage, and half of a 331,840-square-foot, 12-story building. November 2015 is the projected completion date.
According to the Community Impact, the 2013 levy on the two tracts of land total about $6,000 in property tax revenue to the county, while the 2016 levy for the two parcels should provide about $161,500 in revenue to the county despite the abatements to ExxonMobil. Once the 10-year abatements are completed in 2023, the two buildings are estimated to provide $573,000 in annual property tax revenue to the county. Exxon will create a combined 1,430 jobs, as required by the abatements, and will be a combination of relocated employees and new hires, with jobs including Information Technology, finances, attorneys and some administration. Hughes Landing will feature 1.5 million to 2 million square feet of office space, 800-1,000 apartment units, 175,000-200,000 square feet of retail, a hotel and other amenities upon its completion. The Woodlands Township Board of Directors will consider the approval of similar abatements for ExxonMobil at its Dec. 12 meeting. In addition, ExxonMobil’s construction of its new headquarters on 386-acre site within the Springwoods Village development will continue in the Spring.
For the full story from the Community Impact, click here.