The first incentive deal negotiated under Governor Snyder’s new Business Development Program was the $2 million Local Development Finance Authority project for the Hyundai-Kia Technical Center (HATCI). MEDC was hesitant to provide a $2 million grant to HATCI for only 50 new jobs. HATCI required new electrical infrastructure that DTE had failed to provide during the first construction project in 2005.
HATCI was going to place their new hot/cold dynamometer test facility in Alabama where no such infrastructure issues existed. At Ann Arbor SPARK, Luke created the Local Development Finance Authority for Superior Township. The MEDC made a direct grant to HATCI, however, required a form of repayment on the grant. The Superior Township LDFA served as the form of repayment MEDC was looking for. Luke Bonner wrote the LDFA plan on behalf of Superior Township and HATCI.
Superior Township, MI – $2 million Local Development Finance Authority
MEDIA
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