County will lease land for four years before selling to break even
By Corina Vanek | Phoenix Business Journal
Pinal County purchased 500 acres of land in Casa Grande to be leased and eventually sold to Lucid Motors Inc., which plans to create a $700 million production facility on the site.
The Arizona plant’s focus will be on the Lucid Air, an all-electric luxury sedan the company claims has a 400-mile range and top speed of 200 mph.
The county stepped in to help the deal by consolidating the land under one ownership that eventually would be sold to Lucid, Pinal County Manager Greg Stanley said. The county closed on the land at the end of 2018, spending $29.94 million through the issuance of bonds.