Facebook to invest $400M to build its fifth data center in Altoona

Date: 2019-05-09   Author: Pankaj Singh  Category: #news

Facebook to invest $400M to build its fifth data center in Altoona

The development agreement has been unanimously approved by the Altoona City Council, along with various other agreements and a site plan for the project.

The online social networking services company Facebook Inc., has reportedly planned to invest $400 million to construct its fifth data center building in Altoona. The company has signed a development agreement with Altoona city to waive off property taxes on the proposed building for 20 years. The building will spread across nearly 1 million square feet.

Reportedly, the building is mentioned as “Project Sequelant” in the city documents. The gigantic H-shaped building will be constructed next to the company’s another under construction million-square-foot building. Both the buildings will be the largest on the property after completion.

The development agreement has been unanimously approved by the Altoona City Council, along with various other agreements and a site plan for the project.

Under the agreement, Facebook will be exempted from paying property taxes on the new building for 20 years. But the company has agreed to pay the city $3 per square foot or about $3 million per year during the tenure of 20 years after completion of the project and moving into the building.

Jeff Mark, City Administrator, Altoona, reportedly stated that the payments by Facebook are equivalent to around 60 percent of the property taxes per year on the building if Facebook would be paying property taxes.

Reportedly, Facebook will also pay for building a new pump station worth $500,000 which will increase the water pressure for the data center, Bass Pro Shops, the Outlets of Des Moines, and other undeveloped land.   

Any future development by Facebook within 20-year period will also be covered under the terms of the development agreement.

Mark reportedly noted that the proposed project will rank Facebook as the second-highest revenue-generating business in Altoona. Any other expansion project of data center will make it the first-highest.

 

Source credit: https://www.desmoinesregister.com/story/news/local/altoona/2019/05/06/facebook-invest-400-m-fifth-altoona-data-center-building/1118518001/

https://www.datacenterdynamics.com/news/facebook-confirms-fifth-data-center-altoona-iowa/



About Author


Pankaj Singh linkdin-boxtwitter

Pankaj Singh

Pankaj Singh Develops content for Algosonline, Market Size Forecasters, and a couple of other platforms. A Post Graduate in Management by qualification, he worked as an underwriter in the UK insurance domain before deciding to switch his field of profession. With exp...

Read More

Post Recommendents

Antenatal Screening Market Share, By Product Analysis, Application, End-Use, Regional Outlook, Competitive Strategies & Forecast up to 2028

Author: Ashwin Naphade

Global Antenatal Screening Market, 2022-2028 Research Report provides crucial statistics on the market status of the Global Antenatal Screening manufacturers and is a respected source of guidance and direction for companies and individuals interes...


Pediatric Vitrectomy Market Size | Global Industry Analysis, Segments, Top Key Players, Drivers and Trends to 2028

Author: Ashwin Naphade

Global Pediatric Vitrectomy market report provides major statistics on the state of the industry and is a valuable source of guidance and direction for companies and individuals interested in the market.

The Pediatric Vitrectomy market repor...


Legionnaire Disease Testing Market Comprehensive Analysis, Share, Growth Forecast from 2022 to 2028c

Author: Ashwin Naphade

This report studies the Global Legionnaire Disease Testing market status and outlook of global and major regions, from angles of players, regions, product types and end industries; this report analyzes the top players in global and major regions, ...