Quantcast

Caddo Commissioners move closer to buying GM plant - KTBS.com - Shreveport, LA News, Weather and Sports

Caddo Commissioners move closer to buying GM plant

Posted: Updated:

Some Caddo Commissioners want to buy the old GM plant for $7.5 million dollars. The cash will come from the oil and gas fund, and local leaders hope it'll create a major economic stimulus for the area. Monday, the commission voted in favor of moving forward with an ordinance that frees the money. However, the parish won't only own the plant, it'll lease it out to a real estate company, which would then lease it to Elio Motors.

That real estate company is one of Elio's top investors, Stewart Lichter with the Industrial Realty Group. If the commission approves, IRG will enter a sort of "rent to own" lease agreement on the property with the Caddo Parish Industrial Development Board. The board will manage the 25 year lease for the parish. IRG will develop, operate and manage the plant.

"We think the best part of this deal is that we have Mr. Lichter incentives to make it work because he is very experienced in doing this kind of work around the country," parish attorney Charles Grubb said.

Grubb adds Elio Motors will lease space in the plant from IRG. IRG must fill the rest of the property with jobs reaching a certain payroll requirement level or no incentives will be granted. Those incentives lower the monthly lease payment, which means the parish may not see a return in its investment in the form of cash but jobs.

"The less we get back, the more successful the building is," Grubb said. "If a few years from now, I'm not predicting this, but if a few years from now, we have 3500 people employed out there and perhaps even some suppliers adjacent to it, similarly to what we enjoyed in up until the downturn in the auto business with GM. Then, it would be $7.5 million well spent."

The commission will decide during their meeting Thursday if they want to move the ordinance for final approval. 

 

  • ArkLaTex SlideshowsMore>>

  • ArkLaTex Adoptable Pets

    ArkLaTex Adoptable Pets

    Friday, August 29 2014 6:12 PM EDT2014-08-29 22:12:16 GMT
    There are lots of animals in the Ark-La-Tex who are looking for that perfect home.
    There are lots of animals in the Ark-La-Tex who are looking for that perfect home.
  • KTBS 3 Viewer's Pets

    KTBS 3 Viewer's Pets

    Thursday, August 28 2014 7:00 PM EDT2014-08-28 23:00:16 GMT
    Viewer's petsViewer's pets
    Viewer's pets
    Viewer's pets
  • Louisiana Department of Children and Family Services Adoptable Children

    Louisiana Department of Children and Family Services Adoptable Children

    Thursday, August 28 2014 6:44 PM EDT2014-08-28 22:44:11 GMT
    DJanaeDJanae
    Foster/Adoption Parenting Minimum Qualifications and Steps to Certification Minimum Qualifications for Certification.
    Foster/Adoption Parenting Minimum Qualifications and Steps to Certification Minimum Qualifications for Certification.
  • NationalMore>>

  • Detroit's historic bankruptcy trial to begin

    Detroit's historic bankruptcy trial to begin

    Tuesday, September 2 2014 2:11 AM EDT2014-09-02 06:11:09 GMT
    Lawyers for Detroit will attempt to convince a judge with the start of the city's bankruptcy trial that its plans to wipe out billions of dollars in debt should be approved.
    Lawyers for Detroit will attempt to convince a federal judge at the city's bankruptcy trial that its plans to wipe out billions of dollars in debt should be approved.
  • $2.4B Revel casino to shut down early Tuesday

    $2.4B Revel casino to shut down early Tuesday

    Tuesday, September 2 2014 2:01 AM EDT2014-09-02 06:01:16 GMT
    Little more than two years after opening with high hopes of turning around Atlantic City's struggling casino market, Revel will close its doors Tuesday morning.
    Little more than two years after opening with high hopes of turning around Atlantic City's struggling casino market, Revel will close its doors Tuesday morning.
  • 9-foot Joe Frazier statue rising in Philadelphia

    9-foot Joe Frazier statue rising in Philadelphia

    Tuesday, September 2 2014 1:51 AM EDT2014-09-02 05:51:17 GMT
    Busloads of tourists line up every day in Philadelphia to take photos with a statue of Rocky Balboa, the fictional heavyweight fighter made famous by Sylvester Stallone.
    Busloads of tourists line up every day in Philadelphia to take photos with a statue of Rocky Balboa, the fictional heavyweight fighter made famous by Sylvester Stallone.
  • KTBS 3 News Tips

    Send your news tip or story idea to the KTBS 3 Newsroom.  Enter your email address below to get started.

    * denotes required fields
    We're sorry, but only one entry is allowed per person.
    Thank you for your continued interest.

    Thank you for your submission to KTBS 3 News.  A member of our staff may contact you for more information.

Share Your Images
Powered by WorldNow
    Powered by WorldNow
    All content © Copyright 2000 - 2014 Worldnow and KTBS. All Rights Reserved. For more information on this site, please read our Privacy Policy and Terms of Service.
    Advertising | EEO Public File | KTBS 3 Public File | KPXJ 21 Public File