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