April 16, 2004
April 16, 2004
Governor Jennifer M. Granholm joined company executives and local officials in Superior Charter Township today for the groundbreaking of the Hyundai America Technical Center Headquarters. The expansion will create 751 jobs, including 400 directly by the company by the year 2010. Assistance from the Michigan’s Economic Development Corporation (MEDC) helped convince the company to choose Superior Charter Township over a number of competing U.S. sites, spurring more than $117 million in private investment in the project.
“Hyundai’s decision to make Michigan home for its North American R & D headquarters will bolster our global position as a high tech automotive research leader,” Granholm said. “The competition for this investment was stiff. Michigan’s economic development tools and our exceptional workforce were the elements that tipped the scales in Michigan’s favor.”
In her 2004 State of the State address, Governor Granholm announced a focused seven-point plan for economic growth. So far this year, the Governor and the MEDC have announced the creation or retention of approximately 5,298 jobs as a result of targeted assistance provided by the MEDC.
The Hyundai America Technical Center was established in 1986 and is a wholly owned subsidiary of Hyundai Motor Company of Korea. The company conducts emissions testing, engineering, research, development and design for Hyundai and Kia automobiles.
“This is a very important facility for both Hyundai and Kia,” said S.K. Kim, president of research and development for Hyundai Motor Company. “Hyundai has high aspirations for the U.S. market and this facility will play a vital role in supporting the development, design and manufacture of vehicles for this country.”
Hyundai had considered locating the new tech center in Alabama, where it is currently constructing a manufacturing plant. The MEDC’s offer of a high-tech Single Business Tax credit worth more than $22 million over a 20-year period helped convince the company to expand and create new jobs in Michigan.
Superior Charter Township, located near Ann Arbor and Ypsilanti, also offered assistance with a local tax abatement for the project worth an estimated $6.4 million over 12 years.
“This is great news for Michigan’s R & D industry,” said MEDC President and CEO Don Jakeway. “The new high-tech jobs created will create spin-off job opportunities and have a positive impact on the state for a long time into the future.”
The Michigan Economic Development Corporation, a partnership between the state and local communities, promotes smart economic growth by developing strategies and providing services to create and retain good jobs and a high quality of life. For more information on the Michigan Economic Development Corporation’s initiatives and programs, visit the Web site at www.michigan.org .
