SEDA, Chatham Co. approve infrastructure costs for the Hyundai Motors facility
SAVANNAH, Ga. (WTOC) - The Savannah Economic Development Authority, or SEDA, approved a joint effort with Chatham County to pay millions in infrastructure costs today.
This comes after the Savannah Harbor I-16 Corridor Joint Development Authority approved a tax break for Hyundai to bring the electric vehicle and battery manufacturing facility to Bryan County.
SEDA President said the groundbreaking ceremony is expected to happen in mid to late fall. He says today’s approval to help Chatham County pay over $8 million in infrastructure costs along with tax breaks for the company are all worth it considering how many jobs the Hyundai facility will bring.
“The benefits the company provides far outweigh any incentive.”
There’s a lot of money going into this project that will bring 8,100 jobs. SEDA President Trip Tollison says the board approved the $8.2 million investment in infrastructure costs with Chatham County.
According to Tollison, the tax break the Joint Development Authority agreed on last week, does not mean Hyundai won’t have to pay any taxes; they will pay partial taxes over a span of 25 years.
“It’s important to note that while the company is making a massive investment and they’re going to be hiring really well-paying jobs, they are going to be paying some form of taxes relating to the property and not only to the property but the personal property which is the equipment inside the facility.”
But he says the incentive package played a role in Hyundai choosing the Bryan County mega site for the facility.
He believes it’s worth it because of how many jobs it will bring.
“That’s like hiring a small town. The average salary is going to be above $58 thousand a year with benefits and so the company is definitely going to do their part. They’re going to hire everything from executive management to middle management to line production, engineering. It’s going to cover the gamut.”
And surrounding areas will also be compensated from Hyundai Motor Group.
“There’s a revenue share agreement between Bulloch, Bryan, Effingham and Chatham Counties where we think the project’s going to impact the most. They will be receiving revenues from the project to help them with roads or whatever it these counties need to be successful to help the project.”
Tollison says the megasite is expected to be ready in 2025.
Copyright 2022 WTOC. All rights reserved.