Rivian is planning to build their second manufacturing facility in Georgia, and on Monday state officials revealed details of the lucrative incentive package provided to the electric automaker.
According to Georgia’s Department of Economic Development, Rivian will receive $1.5 billion in total incentives to build the factory just east of Atlanta.
The $1.5 billion comes in the form of state discretionary spending, tax credits, and local incentives, including: (via WLGT)
- $111 million to buy the land (nearly 2,000 acres) for the plant, including wetlands permitting and mitigation and other site-prep work.
- $51.5 million for roadwork, including a new interstate interchange
- $62.5 million for a new workforce training center
- Two dedicated state official liaisons, for six years
Additionally, Rivian will benefit from over $2 million in property tax concessions. Once up and running, the facility is expected to employ 7,500 workers each earning an average wage of $56,000.
Officials in Georgia say that even though $1.5 billion is a lot of money, it is a good investment and will be outweighed by the more than $7 billion in economic benefits they expect Rivian to bring to the state.
“Rivian is a historic win for Georgia, not only putting our great state at the forefront of the electric vehicle revolution, but also a significant win for the four-county JDA. We are thrilled to be able to now share more of the incredible benefits this project is bringing to the region and couldn’t be prouder of the positive effects this project will have on families, schools, and communities. Rivian will not only employ thousands of Georgians with well-paying jobs of the future, but they will be a welcome new addition to Georgia’s business community,” said Georgia Department of Economic Development Commissioner Pat Wilson.
The automaker must also meet certain performance targets to receive the full amount of incentives.
“Rivian has until the end of 2028 to meet 7,500 jobs and make $5 billion in capital investment. It must then maintain these figures through 2047. For each year from 2029 through 2047 that Rivian’s combined job and investment performance is below 80% of their commitments, then Rivian will be required to make a pro-rata repayment of the total JDA property, state property and state land improvements, and estimated real and personal property tax savings,” officials said Monday.
Along with the announcement, Rivian also released a new rendering and site plan for the facility.