The Pinal County Board of Supervisors this fall approved a development agreement between the county, Lucid Motors and Casa Grande.
The county will purchase 500 acres at $30 million and then lease it back to Lucid for four years, at which time Lucid will have the option to purchase the land. Casa Grande annexed the project’s parcels into the city limits.
In a public joint study session, the Pinal County Board of Supervisors and the Casa Grande City Council met to review a presentation on the Economic Impact Analysis conducted by Applied Economics, LLC, contracted by the City of Casa Grande and Pinal County to perform a third party economic analysis of the planned Lucid Motors auto manufacturing facility in Casa Grande.
According to the report, Lucid would create an estimated 2,185 jobs within the next seven years including assemblers, process and quality assurance engineers, maintenance and repair workers, auto body and paint technicians, supervisors and managers.
They would build out in phases beginning in 2019 and ramping up to approximately 745 jobs by the end of Phase I in 2021. In Phase II, they are projecting to add 670 additional jobs by 2023, and in Phase III they are projecting to add 770 jobs by 2025, for a total of 2,185 jobs.
In addition to jobs, the company would invest approximately $82 million in real property improvements and $168 million in equipment over the next two years in Phase I of the development. Only Phase I capital investment is required in the development agreement.
However, this analysis also includes capital investment associated with Phase II of approximately $85 million in real property improvements and $160 million in equipment, and Phase III of approximately $60 million in real property improvements and $120 million in equipment.
There is an estimated total construction impact of $364.1 million in Casa Grande and Pinal County over five years.
The report predicts direct revenue impacts 2019-2038 to be total tax revenues of $33.5M to city and county and $22.2M to school districts over 20 years, before incentives and $12.9M in revenues to city and county from Phase I only.