Page 4 - Joint Development Authority News Today

Clayco will lead the $5-billion effort to construct a 16 million-sq-ft electric vehicle manufacturing campus for Rivian on nearly 2,000 acres east of Atlanta.

Housing density was a previous sore spot for the project as the city wanted fewer housing units and the county wanted more.

The state’s Constitution forbids government entities from providing a good, service or property without an equitable return, but Georgia has learned to leverage “bond-for-title” deals and “phantom bonds” to incentivize businesses.

Up-and-coming EV maker Rivian closed on a monumental land agreement last week for 1,800 acres to host its new mega site in Georgia. Construction can now begin…

Cars News: Under the agreement, Rivian will make property tax payments of at least nearly $300 million until 2047. The payment amount may escalate if the automak

Rivian EV Plant Debt: The company has agreed to pay a minimum of nearly USD 300 million in property tax payments through 2047. The payments would increase if the carmaker exceeds its USD 5 billion investment.

Rivian disclosed more details regarding its agreement with the JDA of the counties where its Georgia plant is coming up.

The American company’s second factory will build more affordable EVs based on the R2 platform. These are expected to start at around $40,000.

The taxable bonds would be issued by the Georgia Department of Economic Development and the Joint Development Authority of Jasper, Morgan, Newton and Walton Counties, according to an agreement on November 9.

Rivian received the nod for starting construction at its Georgia plant, which is earmarked for manufacturing its more affordable EVs.