“It is a mistake to try to look too far ahead. The chain of destiny can only be grasped one link at a time.”
-Sir Winston Churchill
Tesla Motors Inc. will construct its Gigafactory battery plant in Nevada, immediately creating 3,000 jobs, Gov. Brian Sandoval said.
The project, which is subject to legislative review and approval, will be the world’s largest lithium-ion battery plant — and a vital part of Tesla CEO Elon Musk‘s plan to build and sell more electric cars.
Once complete, the plant will employ 6,500 new workers with an average wage in excess of $25 per hour, with benefits, the governor said. It also will mean 16,000 indirect jobs for a total 22,500 jobs created, he said.
Incentives from Nevada to Palo Alto, California-based Tesla are expected to be worth about $1.25 billion over the next 20 years, the Reno-Gazette Journal reported.Sandoval said having the Gigafactory will yield more than $100 billion in economic impact over the same period.
Nevada beat out Arizona, Texas, New Mexico and California, the latter of which lost out for a number of reasons including its tax climate and circuitous regulatory environment.
“Now, I know that many of you are asking yourselves the same question: Is this agreement good for us? I can answer that question today, without hesitation, and say emphatically that, yes, this agreement meets that test,” he said.
Sandoval said that means adding 4 percent to the state’s gross domestic product and more than 20 percent increase in the regional GDP.
Still, the investment from the state smashes Nevada’s previous record of $89 million in incentives for its Apple campus, according to the Reno Gazette-Journal.
The majority of the incentives, $725 million, will come from a 20-year sales tax abatement. $332 million will come from a 10-year property tax abatement. The remaining $220 million will come from tax credits, business tax abatements and discounted electricity rates, the Gazette-Journal reported.
As part of the agreement, Tesla must invest $3.5 billion in new manufacturing equipment and real property.
Sandoval stressed the importance the project would have on the state’s education system, pointing to a $35 million contribution Tesla will make to the state’s K-12 system.
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I am a successful Commercial Investment Real Estate Broker in Arizona now for 20 years and I worked with banks and their commercial REO properties for 3 years. I am also a commercial landspecialist in Phoenix and a Landspecialist in Arizona.
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