The first industrial park in Hungary, Gyor Industrial Park, opened in 1992 on 36 hectares (89 acres) with one tenant. By 1997, having increased in size and received millions of dollars in investment, Gyor had become the Hungarian government's model for the development of other industrial parks. Since 1997, the pace of land purchases in the industrial park has accelerated sharply. Last year, a record nine new contracts were signed for land purchases. The companies located in the industrial park generated over Ft200 billion ($945,578,000) in revenue in 2001. Gyor Industrial Park has several attractions for investors. Its location near the Austrian border will be an added benefit when Hungary enters the European Union in 2004. The high caliber of the workforce in and around the city of Gyor provides another attractive feature. And finally, there is the high quality of the property management company. The owner of Gyor Industrial Park is Gyor International Industrial Park Kft. The municipality of Gyor indirectly has a 40 percent ownership share in the industrial park, and Bank Austria AG and Mischek Bau AG hold the remaining 60 percent interest. Gyor Industrial Park is similar to projects the company has developed in Austria. Tenants of Gyor are exempt from local industrial taxes for two years. Industrial parks in Hungary, such as Gyor, face changes and challenges in the future. They must compete with other places in Hungary and eastern Europe for the attention of investors. A higher minimum wage and tax incentives that are in line with European Union standards mean that Hungary must be able to offer more than tax breaks and a cheap qualified workforce to potential investors.