Nevada state treasurer expresses concern over Faraday Future deal
CARSON CITY, Nev. (News 4 & Fox 11) — The State Treasurer says he is concerned about issuing $175 million in bonds to car manufacturer Faraday Future because his office has not received the necessary documentation to move forward.
In a statement released Wednesday, Treasurer Dan Schwartz said his office has not received requested documentation indicating the proposed $1 billion facility to build electric cars in Las Vegas remains on schedule.
"Our office is charged with issuing up to $175 million in general obligation bonds to finance the project's infrastructure," Schwartz said in the statement. "To date, our office has not received requested documentation indicating the project remains on schedule for the bond's original issue date of September 2016."
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Schwartz went on to say, "until Faraday Future publicly discloses additional details concerning the plant's financing and production dates, we remain concerned about the viability of this undertaking."
According to Schwartz, Leshi, the company owned by Jia Yueting, the project's principal financier, was to resume public trading on Monday. But the Treasurer says that did not happen.
On April 13th, Gov. Brian Sandoval was joined by a host of dignitaries as the electric car company announced its groundbreaking on a 1.6 million square foot factory to be built in Apex about 25 miles northeast of Las Vegas.
Gov. Sandoval signed four bills into law to seal a $335 million deal to bring Faraday Future to Nevada, including $215 million in tax breaks during a special session of the Nevada Legislature in December of 2015.
Faraday officials say the factory is expected to employ 4,500 workers.
