LVGEA Endorses Faraday Future Proposal

The Las Vegas Global Economic Alliance today endorsed the deal to bring Faraday Future to southern Nevada and further urged the Nevada Legislature to approve legislative changes enabling the project.

As the regional development authority for Southern Nevada, the LVGEA’s 43-member board of business and community leaders met this morning to discuss Faraday Future, a technology and automotive company, and the implications of its project in Nevada.

“This project will be transformative for the region,” said Ray Specht, chairman of the board of the LVGEA. “We closely examined this proposal and determined it would have a broad, positive effect for the community. We applaud North Las Vegas and the Governor’s Office for securing the good terms of this deal. This is a proposal that will employ thousands of Nevadans, advance critical infrastructure improvements in our community, and put southern Nevada on the map for technology and auto manufacturing.”

In a resolution the LVGEA board of directors unanimously approved this morning, the LVGEA noted that Faraday plans a $1 billion investment with 4,500 new jobs on-site and up to 9,000 indirect jobs resulting from construction and a general uptick in local business activity related to the project.

Furthermore, the project proposal for a three-million square foot facility at Apex Industrial Park in North Las Vegas includes provisions that will enhance road, water, and rail infrastructure, which will provide a major incentive for companies to come to southern Nevada in the future.

“This is an impressive deal, and it’s made even better by holistic and necessary infrastructure improvements within our region and by new ‘Workforce Innovations for the New Nevada’  grants that will help Nevadans get the training they need to be employed with Faraday,” said Jonas Peterson, CEO the LVGEA. “Moreover, this is a smart deal for Nevadans. There are major rewards and few risks for the public in the way the state has structured this proposal, and we strongly urge legislators to approve this deal for the benefit it will have to Nevada.”

The text of the resolution as approved by the board is here.

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