Hyundai Motor Group, joint development authority reach Economic Development Agreement
SAVANNAH, Ga. (WTOC) - The terms of an economic development agreement between Hyundai Motor Group and leaders representing four counties impacted by the Bryan County mega site are settled.
Back in May, Governor Brian Kemp along with leaders from Hyundai announced the motor group is building a fully dedicated electric vehicle and battery manufacturing facility at the Bryan County mega site.
Hyundai Motor Group is investing about five and a half billion dollars to build their manufacturing facility at this site, that once completed, will put just over eight thousand people to work.
Recognizing the massive economic boost the manufacturing plant will have on the region, members of the Savannah harbor-Interstate 16 Corridor Joint Development Authority worked out terms of an Economic Development Agreement with Hyundai Motor Group, finalizing the agreement last week.
“A lot of those folks cam to the table and sat down, a lot of late nights going back and forth with the incentive package and things to make it a good incentive for Hyundai to come here,” Bryan County Comission Chairman Carter Infinger said.
As part of the agreement, Hyundai will receive a 26-year property tax abatement for its investment, a tax incentive that is typical for a development this big according to the agreement.
Also in the agreement terms, Hyundai will pay over 357-million in leasehold ad valorem property tax. In addition to those tax payments, surrounding communities will benefit from increased sales tax revenue, new jobs as well as housing, retail and commercial sector growth.
“We’re at that stage now, that they picked our site, and now the work really begins on the back end, right. An incentive package is done now, now it’s beginning to start the construction process laying it all out, getting permits in place and things like that,” Chairman Carter Infinger said.
“Not only that process, but then starting to get those employees coming to Hyundai...setting up that part of the project, too which is really when the work starts.”
Click here to view the full Economic Development Agreement between Hyundai and the joint development authority.
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