Credit card issuer Visa USA plans to create a global IT center in Austin, Texas, and hire about 800 workers to run it.
Visa's agreement with the state for its Global IT Center sets year-by-year average annualized compensation, including performance-based or other bonuses paid and excluding health insurance and retirement benefits, for all new full-time hires. The average salaries must not be less than the following amounts listed on Dec. 31 of the applicable year.
Under an agreement with the state, Visa intends to renovate 175,000 square feet of office space in Visa, and to invest $27.2 million by the end of 2015.
In exchange, Visa is getting state and local assistance, including $7.9 million through a state enterprise program. The amount of aid is based on what the state expects to receive in increased sales tax revenue.
There are strings attached to the aid.
The state development agreement, announced last week, spells out some specific terms, including annualized compensation for workers hired by Visa.
The average wages of employees at the new IT center, excluding health and retirement benefits, can't be less than $96,469 in 2013, rising to $129,775 in 2022.
The agreement calls for "a grand total of 841 full-time jobs" by the end of 2017. Visa employs about 7,500.
A Visa spokeswoman declined to provide any details on the types of jobs that they'll be filling.
In terms of recruitment, Visa is obligated to make "commercially reasonable efforts" to work with non-profit organizations to help find IT professionals.
The city evidently hopes that most of the hires will be local.
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