Pinal County BOS Approves Development Agreement with Lucid
SanTanValley.com
Above: Lucid Motors plans to manufacture its Lucid Air in Casa Grande, Arizona. (Photo provided by Lucid Motors)
With a vote of 5-0, the Pinal County Board of Supervisors, approved a development agreement between the County, Lucid Motors and the City of Casa Grande.
The County has committed to purchase approximately 500 acres of land for almost $30 million dollars ($29,940,000) and lease it back to Lucid for a period of 4 years. Lucid has the option to acquire the land at the end of year 4 at that price. Debt service payments are not known until bonds are secured, but the county is planning to pay interest only payments for the four years and paying off the full amount at the end of the term.
Casa Grande has finalized the annexation to bring all of the parcels included in the project site into the incorporated city limits.
