ANDERSON, Texas (KBTX) – Grimes County leaders are set to weigh a major economic development proposal involving Space Exploration Technologies Corp, known as SpaceX.

The Grimes County Commissioners Court is scheduled to hold a public hearing at 9 a.m. June 3, 2026, at the Grimes County Justice & Business Center, 270 FM 149 W. in Anderson, to consider approval of a property tax abatement agreement.

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According to the county’s public notice, the proposed agreement involves SpaceX and a designated reinvestment zone known as “SpaceX Reinvestment Zone No. 1 – 2026-001,” described as being located at the Gibbons Creek Reservoir and surrounding areas.

The reservoir is located off Highway 30 in a rural area of Grimes County, approximately 20 miles east of Bryan-College Station.

The notice states SpaceX is proposing construction of a multi-phase, next-generation, vertically integrated semiconductor manufacturing and advanced computing fabrication facility — a project the notice calls a “transformative investment” aimed at expanding domestic semiconductor manufacturing capacity.

The county’s notice estimates $55 billion in capital investment for initial phases, and up to $119 billion total if additional phases are built.

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KBTX’s Dylan Christ Watkiss is in Grimes County on Tuesday, gathering information on this topic. We’ll have more on KBTX News at 6 & 10.

Meanwhile, in Central Texas, almost 80 Central Texas residents who allege their homes have been damaged by SpaceX’s “daily barrage of terrestrial bombardment” are suing Elon Musk’s aerospace company in McGregor.

The 77 plaintiffs, residents of McGregor, Moody, Crawford and Oglesby, collectively are seeking more than $1 million in damages in their lawsuit, filed Friday in Waco’s 414^th State District Court.

You can read more about that here.