The Toyota-Mazda plant officially gets the green light.
With the stroke of a pen, Mayor Tommy Battle and members of Huntsville’s economic development team signed a development agreement to “seals the deal” on the $1.6 billion Toyota-Mazda manufacturing plant. Now that the ink has dried on the deal Mayor Battle says this is when the real work begins.
“This is a generational project and the team in this room made it happen,” said Mayor Battle. “Vision, planning, and perseverance paid off. The best part of signing this contract is that it’s just the beginning.”
The agreement includes about $80 million in hard costs for the city. This will be used, in part, to acquire land and build a rail spur to connect to Norfolk Southern. $107 million will be spent on infrastructure improvements (roads/sewer) already budgeted in the 10-year capital plan.
To pay for these upfront expenses, the city plans to create a 7th TIF District to help pay for the infrastructure and accelerate the process to meet Toyota-Mazda’s timeline for opening in 2021. The remaining costs included in the $320 incentive and abatement package are considered “indirect” such as waiving fees and permits, inspections support, and non-educational tax abatements.
Chairman Mark Yarbrough agreed. “There’s been a sense of euphoria in the state about this project, but now it’s time to roll up sleeves and get to work,” said Yarbrough. “We have roads and rail lines to build, sites to prep and work to do. We have the best workforce in America and they are ready to go.”
The Toyota-Mazda plant is expected to provide a $5.6 billion return on investment in the next 20 years.
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