That is essentially true, but it is missing some vital information. Why does Racer Trust need a guarantee from Elio that they will produce 1500 jobs? Because Racer Trust is on the hook to Caddo Parish for those jobs as part of Racer's deal with Caddo. Caddo did the deal because they were promised the jobs. For a variety of reasons, the deal between Elio and Caddo fell through, but when Racer stepped into the middle, the resulting two deals come pretty close to the original anticipated deal. What we now have is: Elio promises jobs to Racer. Racer promises jobs to Caddo. Without that guarantee, Racer would not have been able to get the plant. But you are correct, Elio does not have a contract with Caddo.
My understanding is Racer is also working on leasing other parts of the building/complex (not sure if it's all one huge building or not) to help meet their commitment to Caddo. That doesn't take EM off the hook, but unless Racer has someone else ready to use the EM space, there's not a lot of reason for them to squeeze EM.