The local economic development agency that worked with Georgia officials in recruiting Hyundai Motor Group to build a $5.5 billion electric car plant near Savannah approved its portions of the deal Tuesday.
– The local economic development agency that worked with Georgia officials in recruiting Hyundai Motor Group to buildnear Savannah approved its portions of the deal Tuesday, though details of tax breaks and other incentives have yet to be disclosed.
“I think it's very fair, I think it's very equitable,” Trip Tollison, who heads the Savannah Economic Development Authority, said of the deal. “I think it represents what the region needs to make the company — the folks moving here with all the jobs — successful.”when it was announced two months ago in Bryan County, where Hyundai plans to build the company's first U.S. plant dedicated to electric vehicles.
The top item in that Rivian package was $700 million in property taxes waived by local governments over 25 years. The company agreed to make $300 million in payments in lieu of taxes starting in 2023. The Savannah Harbor-Interstate 16 Corridor Joint Development Authority voted Tuesday on how money from Hyundai's payments in lieu of taxes would be shared, but did not release how much projected tax revenues are being waived or how much Hyundai will pay.