SHERMAN, Texas (KTEN) — The nation's sixth largest manufacturing company, Texas Instruments, is finalizing plans to build a massive new computer chip fabrication facility in Sherman.

Construction is scheduled to begin by the end of this year, and was originally expected to be fully realized by 2040.

But TI now says it expects the project will be completed much sooner than originally expected — by 2030.

"Each year the city gets about $3.6 million per plant in revenue," said Sherman Mayor David Plyler. "So moving up that timeline will be about an additional $70 million we were not expecting."

The city believes TI's decision to accelerate its plans has a lot to do with the nation's computer chip shortage.

"It's just the overall climate of the economy, the needs of the auto industry and other industries that are heavily reliant on these chips, and also they are some federal funding for this chips right now," Plyler said.

Mike Ayers, owner of a new downtown Sherman coffee shop called The Loft, is cheering TI on.

"Part of that has to do with the ability with downtown Sherman to draw people in, which i think it will," he said. "People who are moving in to the area will be interested in seeing how downtown will be like."

Premiere Baby Imaging is looking forward to a bonanza of new parents.

"Especially for our business, you know, the young families... the newlyweds... things like that, they're all having babies," said co-owner Erika Lambright. "That will bring more revenue to our business, definitely."

Mayor Plyler concedes that an accelerated timeline for TI means Sherman has to pick up the pace, too.

"We got quite a list of things to do, so we are working with our engineering staff," he said. "Everybody is just elbows to the wall in getting these things ready for the new company."

Texas Instruments expects to begin manufacturing chips by 2026 as the campus ramps up to full capacity by 2030.