Lincoln Parish News Online has today obtained a copy of the co-operative agreement signed by V-Vehicle Company and the State of Louisiana (the taxpayers.)
Guideco Properties, LLC, owned by Ruston businessman James Davison will maintain ownership of the old GM Guide building and lease it to V-Vehicle Co. A copy of the agreement is posted here.
Among the tidbits embedded in the agreement are:
Section 4.05 Guideco Obligations:
(2) The State at its option may:
(c) Purchase the Facility at the following price:
Year 1-5: Documented Guideco acquisition cost + reasonable capital improvement costs + 5% APR (compounded annually) from Guideco acquisition date.
Section 4.02 Phase II – Initial Construction
(B) State Obligations. Upon commencement of Phase II:
(1.) Phase II Performance-based Grant. The State shall provide the Company with a performance-based grant of $10 Million for engineering development, and non-automotive specific construction and improvements to the Facility, as listed in Exhibit D. The grant shall be paid as promptly as possible on an as needed reimbursement basis, with $4 paid for each $1 match provided by the Company for the same expenses, within 20 days of submission of invoices by the Company, as approved by the Contract Monitor.
(4) Office Space: The State will provide, without rental charges to the Company, 10,000 square feet of suitable office space in Monroe for the Company’s exclusive use from the commencement of Phase II until October 1, 2010.
UPDATE – 3:00pm
V-Vehicle company website.
V-Vehicle, the mysterious new car company
Dash for Cash: Startup V-Vehicle Says $500M Needed to Build Auto Plant
UPDATE – 5:00pm
Associated Press story by Alan Sayre.
