IE Business Daily Business news for the Inland Empire.
Moreno Valley will soon have another automobile dealership.
Hyundai of Moreno Valley will be developed on a five-acre site at 27500 Eucalyptus Ave. near the Stoneridge Towne Center, said Mike Lee, the city’s economic development director.
The 25,000-square-foot project, which is expected to be open for business by the end of this year, was approved unanimously by the city council Tuesday.
About 20 to 30 people will work there initially, with more jobs expected to be added. Hyundai has agreed to participate in the city’s Hire MoValley program, which means that at least 30 percent of the dealership’s first hires will be Moreno Valley residents, Lee said.
Automobile dealerships are coveted by cities because, when they perform well, they generate large amounts of sales tax revenue. Hyundai Moreno Valley is expected to generate approximately $400,000 a year in sales tax revenue, or $1.6 million during its first four years in business, according to a city statement.
“We’re pretty excited to get this dealership,” Lee said. “It’s another instance of a new business coming to Moreno Valley
