- Funding Needed
- $39 (Mio)
- EB5 Funding
- $13.5 (Mio)
- Amount Subscribed
- $39 (Mio)
- EB-5 Investors
- 27
- Investment Amount
- $500,000
- Subscription Fee
- 25,000
- Discount Fee
- 25,000
- Job Creation per Investor
- 30.9
- Job Creation (Total)
- 833
- Category
- Manufacturing
- Sub-Category
- Motor Vehicle Metal Stamping
- Structure
- Loan
- Amount of EB-5 investors anticipated for this phase?
- 30
- Expected Maturity
- 5 years
- Expected Return
- 4.5% per annum on $13.5mm
- Does this project have approved I-526's?
- Yes
- Does this Regional Center have approved I-526's?
- Yes
- Does this Regional Center have approved I-829's?
- No
- State
- Alabama
- Location
- Chambers County, Alabama
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Ajin USA (Fund I, II, III)
- Developer Name
- Joon, LLC, d/b/a Ajin USA
Project Description
AJIN USA is an automotive parts manufacturing facility that specializes in the manufacturing of stamped metal auto "body frame" parts used exclusively in Kia and Hyundai automobiles. In this regard AJIN USA is a critical tier-1 auto parts manufactuing company given that it is a direct and "exclusive" supplier of key auto body frame components to Kia Motors Manufacturing Georgia (“KMMG”) and also is the a vital and exclusive supplier of key auto body frame components to Hyundai Motor Manufacturing Alabama (“HMMA”).
The giant 330,000 square foot AJIN USA manufacturing facility was constructed in 2008/2009 and operates from its current location within a "Rural Area" in Chambers County, Alabama in partnership with the local Government's Chambers County Development Authority (“CCDA”) the successor local government agency to what was formerly known as the Industrial Development Authority of Chambers County, Alabama.
In March 2008 just prior to commencing construction of its manufacturing facilities, AJIN USA entered into a Project Agreement with the Government of Chambers County, Alabama to locate, construct, and operate an Ajin USA 330,000 square ft manufacturing facility and complex. Cost of initial construction of the manufacturing facilitiy totaled $88.7 million located within an area desinated and zoned by the County as the "Cusseta Industrial Park" in Chambers County. Both the Alabama State Government and local Chambers County Government provided several financial and tax benefit incentives to Ajin USA for it to locate, operate, and create jobs for American workers at its factory. Among the many key financial incentives AJIN received included tax abatements of a significant portion of local, county and state taxes for a period of 10 to 20 years; as well direct financial payment from the State and Local Government to achieve key job creation quota targets for jobs at the Ajin USA plant location in the county. To date, Ajin USA has been paid over $2 million U.S. from the State and local government for its delivery of job creation which has had a significant positive impact on the region in significantly reducing the area's unemployment rate.
Project Timeline
April 2011 - July 2013
Regional Center
Team
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