By Mike Sunnucks | Rose Law Group Reporter
The city of Phoenix is considering a request to include Lucid Motors planned electric car plant in Casa Grande in a Foreign Trade Zone.
Phoenix is the local administrator of Foreign Trade Zone Number 75. The zones offer lower federal custom duties and companies in the Arizona zone pay lower property taxes.
The Phoenix City Council will consider a request at its Wednesday meeting to include Lucid’s planned 1.5 million-square-foot plant on 496 acres in Casa Grande.
FTZ 75 also includes Intel’s (Nasdaq: INTC) semiconductor plants in Chandler, Honeywell’s (NYSE: HON) aerospace operations in Phoenix and Tempe, Abbott Laboratories manufacturing in Casa Grande and Con Air’s factory in Glendale.
Phoenix would work out an agreement in with the city of Casa Grande and apply for the FTZ expansion with the U.S. Commerce Department.
The Public Investment Fund of Saudi Arabia forged a $1 billion investment deal with Lucid last year. Lucid will use those Saudi investment fund for development of the $700 million plant in Pinal County.
