Faraday To Acquire Bond For Infrastructure Development
Faraday Future, the Chinese-backed electric car manufacturer building a factory in North Las Vegas, will acquire a $75 million bond to secure infrastructure built at the Apex Industrial Park.
Journalist Jon Ralston reported Thursday the bond issue and a related $13 million deposit into an escrow account is meant to diminish the state's overall liability for infrastructure improvements at Apex.
Ralston reports the Governor's Office of Economic Development had requested the bond issue and escrow accounts during the special legislative session that authorized hundreds of millions of dollars in tax breaks for Faraday.
Gov. Brian Sandoval responded to Faraday's declaration by saying in part how pleased he was the company decided to open up shop in Nevada.