And Now... The P5!

[Elio Amazed]

I don't understand one thing... Racer Trust is leasing the facility from Caddo Parish. How can Caddo Parish fine Elio for anything? Can they fine me if I don't hire people in Louisiana? According to the Caddo Parish politicians from their last meeting, Caddo has nothing to do with Elio.

Again... NO. Elio is not renting from Racer.
They are renting from SBP, a subsidairy of STU's IRG
Stu is renting from the Caddo Parish's IDB.
Caddo Parish has owned the property since 2013.

"In December 2013, the land and its buildings were bought by Caddo Parish’s Industrial Development Board — an agency that exists to foster economic development in Caddo Parish — with $7.5 million of parish funds, according to previous Times reporting. The IDB then leased real estate to the Shreveport Business Park, a subsidiary of the Industry Realty Group, which became property manager on behalf of the IDB and in turn subleased a portion of the land to Elio Motors."

"Caddo Parish Commission spokeswoman Krystle Grindley confirmed the IDB was the lessor of the property but said the parish has “no legal or contractual terms” that mandate the creation of jobs."

http://www.shreveporttimes.com/stor...ing-general-motors-shreveport-plant/91179046/

As far as the story on the fines... https://www.elioowners.com/threads/from-the-sec-11-25-2016-release.8041/page-7#post-183256

 

[Ty]

Again... NO. Elio is not renting from Racer.
They are renting from SBP, a subsidairy of STU's IRG
Stu is renting from the Caddo Parish's IDB.
Caddo Parish has owned the property since 2013.

"In December 2013, the land and its buildings were bought by Caddo Parish’s Industrial Development Board — an agency that exists to foster economic development in Caddo Parish — with $7.5 million of parish funds, according to previous Times reporting. The IDB then leased real estate to the Shreveport Business Park, a subsidiary of the Industry Realty Group, which became property manager on behalf of the IDB and in turn subleased a portion of the land to Elio Motors."

"Caddo Parish Commission spokeswoman Krystle Grindley confirmed the IDB was the lessor of the property but said the parish has “no legal or contractual terms” that mandate the creation of jobs."

http://www.shreveporttimes.com/stor...ing-general-motors-shreveport-plant/91179046/

In December 2013, the Caddo Parish Commission and the Industrial Development Board of Caddo (IDB) entered into a cooperative endeavor agreement, in which the parish agreed to put up $7.5 million to acquire the property from RACER Trust. After that acquisition, the IDB entered into a lease with Shreveport Business Park and Industrial Realty Group, in which SBP/IRG had 60 months to market the project and fill it with tenants. They leased part of it to Elio Motors.

 

[Elio Amazed]

In December 2013, the Caddo Parish Commission and the Industrial Development Board of Caddo (IDB) entered into a cooperative endeavor agreement, in which the parish agreed to put up $7.5 million to acquire the property from RACER Trust. After that acquisition, the IDB entered into a lease with Shreveport Business Park and Industrial Realty Group, in which SBP/IRG had 60 months to market the project and fill it with tenants. They leased part of it to Elio Motors.

Yes. But that has nothing to do with the $7.5 in fines. See: https://www.elioowners.com/threads/from-the-sec-11-25-2016-release.8041/page-7#post-183256

Although... That part about 60 months is interesting. Could that mean that IDB has the option to break SBG/IRG's lease agreement in December 2018 because of a failure to abide by the terms of the lease by SBG/IRG?