The Pinal County Board of Supervisors has approved a lease/purchase agreement with Lucid Motors for more than 1,300 acres near the company’s existing headquarters.
It also approved a $126M tax revenue bond, the proceeds of which could go toward purchasing the property to be leased by Lucid or for other industrial development.
Under the agreement, Pinal County and Casa Grande can lease the property to Lucid in exchange for payments of $7.1M for four years, after which the company may purchase the site. Casa Grande plans to annex and rezone the site for industrial use.
Lucid recently purchased 120 acres near its existing plant, and the company may be planning yet another expansion in Pinal County.
An economic impact report estimates Lucid’s total economic output could total $256B, with resulting Pinal County tax revenues hitting $352M.
Land acquisition costs for industrial development via the tax revenue bond are estimated at around $114M.
Lucid is currently paying $1.8M in annual rent for its original 500-acre plant site, which the County bought for $30M in 2018. Lucid’s lease agreement allows it to purchase the site after four years.
Lucid may use the new site for purposes related to existing car production and testing facility. No site plans have been released yet, but the company will receive expedited reviews under the development agreement. The agreement also says Lucid may pursue Foreign Trade Zone status.
Lucid’s original location is a 1MSF production facility that opened last September. A second factory immediately to the south is under construction and will add 2.85MSF when finished. (Source)