Company: Hyundai Parent Company: Hyundai Motor Subsidy Source: multiple Location: Alabama City: Montgomery County: Montgomery Project Description: automobile assembly plant Year: 2002 Major Industry of Parent: motor vehicles Specific Industry of Parent: motor vehicles Subsidy Value: $234,600,000 Program Name: multiple Awarding Agency: multiple Type of Subsidy:
Number of Jobs or Training Slots: 2,000 Capital Investment: $1,000,000,000 Source of Data: The value of the subsidy package, the jobs and investment projection are taken from: Michael Tomberlin and Kristi Lamont Ellis, "Hyundai Incentives: $252.8 Million," Birmingham News, April 5, 2002. See also: Mike Cason, "Incentives cost $252.8 million," The Montgomery Advertiser, April 5, 2003. Notes: The state portion of the $234.6 million package included $76.7 million in corporate income tax credits and property tax abatements, $54.8 million for worker training, $54 million for land and infrastructure, $10 million for advertising, and other subsidies worth $18.1 million. The local portion included $21 million for improvements to water and sewer lines at the site. The subsidy package equaled to $117,317 per job. In addition to the public subsides, Hyundai received $18.2 million in private incentives from utility and railroad companies. In 2011, the company announced a $173 million expansion for which it received sales and property tax abatements and $3.25 million in cash (Dawn Kent, "Hyundai expanding engine plant; Company plans to add 214 jobs, invest $173 million," Birmingham News, May 17, 2011). Overlaps with main Subsidy Tracker data: none. Source Notes: If an online information source is not working, check the Tracker inventory page for an updated link.