For Star subscribers: The Utah-based lithium battery startup is expected to employ 600 full-time workers within four years and 1,000 within five years.
David Wichner A Utah-based lithium battery startup will build a $1 billion “gigafactory” complex south of Tucson International Airport, with plans to employ 1,000 workers, after the Pima County Board of supervisors unanimously approved a lease-purchase agreement with the company.
The company will have the option of buying the land as soon as 30 months after the lease is finalized, at a price of about $21 million for all 267 acres, provided it makes lease payments on time and meets initial construction and employment milestones. The lease-purchase agreement has an initial term of five years, with four possible five-year renewals, including annual 2.5% rent increases, for 70 acres initially slated for the first phase of a three-phase construction project. Rent for the initial 70 acres will total about $500,000 annually in the first five years.
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