TAIPEI (Taiwan News) – Taipei City Council approved a land rights agreement between the city and Shin Kong Life Insurance on Wednesday, paving the way for Nvidia Corporation to build its headquarters in the capital.

The agreement included termination of the land use contract with the insurer in return for NT$4.43 billion (US$142.64 million), per CNA. The city and Shin Kong are expected to sign the agreement on Friday, ending months of disagreement about the fate of the site at Beitou-Shilin Technology Park.

US-based Nvidia is expected to send a representative to Taipei next week to discuss the latest developments in the case. Taipei Deputy Mayor Lee Shu-chuan (李四川) said the city needs to see the AI chip designer’s investment plan for the project. 

Lee hopes the company can proceed quickly with the plan, though if it needs two months, the city and Nvidia can sign an agreement early next year, UDN reported.

Last week, Nvidia CEO Jensen Huang (黃仁勳) toured a Taiwan Semiconductor Manufacturing Company fab in Tainan and attended the chipmaker's annual sports day in Hsinchu County. However, he did not visit Taipei and apparently did not discuss the headquarters issue.