MDA, GreenTech finalizing incentive package
A Q&A with GreenTech president Terry McAuliffe that appeared in early August on the Washington Post‘s website has a lot of the same information the Mississippi Business Journal has reported since the first part of this year.
In it, McAuliffe says the production of the company’s MyCar neighborhood electric vehicle will start in Horn Lake late this year, with the first production run scheduled for sale in Denmark. The Tunica facility, where GTA hopes to build its midsize sedan and sport electric hybrid cars, is under construction. The company will also produce parts in the U.S. for a Chinese automaker. McAuliffe’s claims back up what GreenTech CEO Charles Wang said in an emailed statement to the MBJ earlier this summer. Neither man put a timetable on production starting in Tunica. Site work there started a few months ago.
What’s new, though, is McAulife’s mention of an incentive package the company and the state are putting together. Since the groundbreaking ceremony for the Tunica facility nearly two years ago, the Mississippi Development Authority has waited for the company to raise private capital – at least some of it through the EB-5 Investment Visa, which grants permanent residency to foreign investors who pump at least $1 million into an economic development project, or at least $500,000 into one in an economically depressed area.
That is no longer the case. MDA spokesperson Melissa Medley said last week that the economic development agency and GreenTech are applying the final touches to an incentive package, and hoped to have it finalized and a memorandum of understanding signed in the next few weeks. Medley did not release details of the arrangement.
“They’ve met all the requirements we’ve set for them so far,” she said, without elaborating.