"Delay to upgrade Rivian plant costs company large tax break" - Oops

Discussion in 'Rivian General Discussions' started by EyeOnRivian, May 8, 2019.

  1. EyeOnRivian

    EyeOnRivian Well-Known Member

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    With Rivian's first time production tasks ahead of them I think it's safe to say it was only a matter of time we read the "delay" word ... but in this case a costly one. Optimistically speaking though if this is the worst of any future delays, I'm good with that!

    Source: "Delay to upgrade Rivian plant costs company large tax break"
    If hyperlink doesn't work: http://www.wjbc.com/2019/04/30/delay-to-upgrade-rivian-plant-costs-company-large-tax-break/

    Excerpt:
    "The performance-based incentive deal with local taxing bodies had the company pledging to invest $10 million last year to restore the plant. The company did not reach that amount, so it will pay about $657,000 in property taxes."
     
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  2. A Hawk

    A Hawk Active Member

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    That's too bad. But I'm sure the company weighed the tax savings against rushing to reach the production plant milestone needed to take advantage of the tax savings.

    Of course $657k is no chump change but not much considering Rivian has almost 2 billion in its warchest from investments by Amazon, Ford, Sumitomo Corp.and Abdul Latif Jameel.
     
  3. kumarczar

    kumarczar Member

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    As someone who lives in Bloomington Normal and has for the past 15 years, its truly an honor to have Rivian here as do lots of others in this twin city who are looking forward to them coming despite the tax break initiatives which comes right out of one of the largest school districts pocket. I drive past the factory every few days and I have seen some work being done, a lot of the junk inside the factory, old containers, molds, and scrap metal has been removed. I have also seen many semi trucks go into and leave the facility, which I assume would contain parts and machinery crucial to production.
     
  4. ElectricTrucking

    ElectricTrucking Active Member

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    Thank you for the info kumarczar. Maybe you can be our inside reporter and look through a few windows. A cat burglar with a camera. I am for sure waiting with baited breath to get some progress reports.
     
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  5. kumarczar

    kumarczar Member

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    Honestly, I will do my best to keep everyone on the forum as updated as possible whenever I see any activity or major changes in the factory.
     
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