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Story Archives: Officials give V-Vehicle more time
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Officials give V-Vehicle more time
Local governing bodies will give V-Vehicle Co. at least through the end of March to secure a $320 million loan from the U.S. Department of Entergy to provide funding for the company to establish an automobile manufacturing presence in Ouachita Parish.
V-Vehicle failed to meet a March 1 deadline in having $350 million on hand to access the bulk of some $130 million in incentives offered by the state and $15 million in incentives offered by the cities of Monroe and West Monroe, Ouachita Parish Police Jury, Ouachita Economic Land Corp. and the Interstate 20 Economic Development District.
The $320 million loan from the Department of Energy's Advanced Technology Vehicles Manufacturing program would provide V-Vehicle with enough capital to meet the $350 million threshold, which was established in a cooperative endeavor agreement signed last year by V-Vehicle, the state and local officials. V-Vehicle has raised $86.5 million in private investments, company officials say.
For the full report, see Page 1A of this week's Citizen.
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