SHERMAN, Texas (KTEN) — The Sherman City Council met Thursday to help finalize its plan to encourage GlobiTech to expand its facility at U.S. 75 and FM 1417.

City leaders say they're excited about the potential for GlobiTech's $5 billion, four-phase expansion that could add 300 new jobs to the Grayson County economy.

The Taiwan-based semiconductor manufacturer envisions an 800,000 square foot facility on 143 acres if it chooses Sherman over two other locations that are vying for the economic plum.

The Sherman City Council is upping the ante by proposing a tax reinvestment zone for the land where GlobiTech would build its facility.

"Every time that we can secure millions — or in this case, billions of dollars of investments — it just secures the future for the city," said Council member Josh Stevenson. "These are high-paying  jobs that are going to be there for the future."

He added that the deals Sherman is making with GlobiTech and Texas Instruments will help the city to continue growing.

The City Council will vote on the final framework for the tax abatement deal on Monday at its next meeting.