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Tue January 10, 2012
Snyder pitches Michigan, economic development strategy at Detroit Auto Show
Governor Snyder announced that Hyundai will expand its Hyundai-Kia America Technical Center in Superior Township, just south of Ann Arbor.
Speaking just after touring the Detroit Auto Show Tuesday, the Governor said the project is a “good model” for the state’s revamped economic development strategy.
The Korean automaker plans to put more than $15 million into expanding its technical center. The new “environmental chamber” will test vehicle emissions at extreme temperatures, helping it meet new fuel efficiency standards.
But do that, the company needed a bigger power supply than DTE Energy could reliably provide. So, the Michigan Economic Development Corporation is chipping in $2.5 million to build a new power substation.
Snyder says that’s a departure from the tax incentive-based strategy the state has used in the past. “Our goal here is to be an enabler, in terms of letting companies in the private sector be successful, because that’s how you lead to true long term viable job creation,” Snyder said.
The idea is that Hyundai will eventually repay the state through tax revenues it pays to Superior Township. The state can then use that money to finance other economic development projects.
State tax breaks
Snyder trade mission