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|V-Vehicle repays state|
V-Vehicle Co. lived up to its promise to reimburse Louisiana Economic Development Corp. for expenses LED incurred in rehabbing the former Guide plant here to house an automobile manufacturing operation for the company.
In an email to The Ouachita Citizen Friday, LED Secretary Stephen Moret provided a copy of a letter dated March 25 from V-Vehicle to LED. Moret also made available a copy of a $6,184,733.07 check made payable to LED from V-Vehicle Co. The check was dated March 25 as well.
Per a cooperative endeavor agreement signed by V-Vehicle and LED in 2009, the company was required to reimburse LED for work it paid for in rehabbing the former Guide plant and site in eastern Ouachita Parish since V-Vehicle did not meet a March 1 deadline in having some $350 million in capital on hand. The $350 million benchmark was required of V-Vehicle for the company to access millions of dollars in financial incentives pledged by LED and Ouachita Parish entities. LED and parish entities pledged the incentives to entice V-Vehicle to choose the former Guide plant to house an automobile manufacturing operation, creating some 1,400 new direct jobs in the region as well as some 1,800 indirect jobs.
V-Vehicle first announced its intentions to locate in northeastern Louisiana in June of last year.
V-Vehicle's efforts to raise $350 million in capital largely hinged on the company landing a roughly $320 million loan from the U.S. Department of Energy. V-Vehicle announced Wednesday that the Department of Energy denied V-Vehicle's loan request.
V-Vehicle officials say they are not giving up on their plans to establish an automobile plant in Ouachita Parish. They say V-Vehicle will resubmit a loan application to the Department of Energy at a later date.
The loan V-Vehicle sought from the Department of Energy is available through its Advanced Technology Vehicles Manufacturing program. The program makes available monies for companies that manufacture fuel-efficient automobiles.
The Department of Energy says it denied V-Vehicle's loan request because the company did not raise enough money from private investors in its attempts to launch an automobile manufacturing endeavor.