Huntsville City Council approves development agreement on Toyota - WAFF-TV: News, Weather and Sports for Huntsville, AL

Huntsville City Council approves development agreement on Toyota-Mazda plant

The Huntsville City Council went over the timeline for the Toyota-Mazda deal on Jan. 11, 2018. (Source: WAFF) The Huntsville City Council went over the timeline for the Toyota-Mazda deal on Jan. 11, 2018. (Source: WAFF)
HUNTSVILLE, AL (WAFF) -

On Thursday night,the Huntsville City Council passed a development agreement for the billion dollar Toyota-Mazda deal.

[READ MORE: Toyota-Mazda plant coming to Huntsville, bringing 4,000 jobs]

Huntsville is pledging $320 million in incentives, which helped drive in that $1.6 billion project. The incentives are broken down by direct and nondirect deal incentives.

The nondirect incentives are existing projects being fast-tracked under this new deal. The direct incentives amount over $90 million and will come from money the city borrows and from taxes generated by future development on the site.

The state is providing approximately $380 million in incentives, including a 10-year jobs credit worth more than $90 million and investment credits worth $210 million.

[READ MORE: How the Toyota-Mazda deal ranks in Alabama]

Limestone County is also expected to offer an incentive package that is expected to be outlined next week.

Toyota-Mazda is estimated to bring a 20-year return on investment of $5.6 billion.

[READ MORE: Is Huntsville ready for the new Toyota-Mazda plant?]

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