Jia Yueting and Nevada's car gambling: Why do you choose to go from governor to mayor, "There is Tesla in the north and Faraday in the south, which is a milestone in the history of Nevada!"
In December 2015, Nevada Governor Brian Sandoval announced that he had successfully attracted world-renowned electric vehicle manufacturer Tesla to settle in the suburb of Reno, a city in northern Nevada, 15 months ago. After the US dollar built the Gigafactory, Faraday, who is based on the Tesla “challengerâ€, is also born in the future. It is to be separated from the “Gambling City†Las Vegas by a street in the south of Nevada. The city of Las Vegas invested $1 billion to build an electric car factory.
Together with Tesla, the legendary Faraday, which is well-funded and supported by the Chinese Internet community's dreamer LeTV Jia Yueting, has promised the future of a green, environmentally friendly, high-tech manufacturing base in Nevada. Overnight, Nevada is expected to move from the gaming industry and the tourism industry to the era of electric vehicle manufacturing.
In December 2016, after Faraday’s future due to arrears from the engineering contractor Aecom’s $57 million project, the news of the North Las Vegas project’s indefinite downtime was reported, and the journalists came to Nevada’s North Las Vegas. The city conducted field visits.
The atmosphere of a festive celebration a year ago has now been shrouded in a repressive atmosphere that is inconvenient.
Leading players, facilitators and participants in Faraday's future projects: Steve Hill, Director of the Governor's Office of Economic Development, Nevada, Mayor of North Las Vegas · John Lee, and the city manager of North Las Vegas, Dr. Liu Qiongxiang, declined the question-based interviews of journalists for various reasons, and they all sent statements in unison. It indicates that “there is still confidence in the future of Faraday's future projectsâ€.
As a long-time skeptic of the project, this is the only local government official who is willing to openly interview the Nevada journalist. The Nevada Finance Minister Dan Schwartz explained: "They are now I feel very embarrassed and want to deal with it cold."
Faraday's future project site is located in the Apex Industrial Park in the northernmost part of North Las Vegas, adjacent to the Nellis Air Force Base, still in use by the US Air Force.
Faraday's future construction site is unmanned, leaving only two security guards left behind
Faraday's future project site is located in the Apex Industrial Park in the northernmost part of North Las Vegas. Driving from Las Vegas's busiest "The Strip", it takes just over 20 minutes to travel across downtown Las Vegas. The road will also pass through the Nellis Air Force Base, which is still in use by the US Air Force.
Before the project was submitted to the state legislature for approval in December 2015, Air Force officials suggested that Faraday's future is a Chinese investor-controlled company. The location of the project is so close to the daily training base of the US Air Force fighter pilots, which may create potential for US national security. Threat. Steve Hill, director of the Nevada Governor’s Office of Economic Development, retorted that the US Treasury’s Foreign Investment Committee had conducted a rigorous review of the project and found no problems.
The actual distance between the two is not more than 15 kilometers, and it can be seen that there are non-civil aircraft flying back and forth from the air base from time to time. In the American political arena, where "China" is changing and "China fear" is still prevalent, the seemingly sensitive location of Faraday's future projects has not been hyped up, reflecting the pro-business and pragmatism of the Nevada state government from another perspective. The project is unique and uncommon in the region's economy.
When arriving at the construction site, it was at 3:30 in the afternoon. The scene was very quiet. If there was no wire fence and project signs, it was no different from the ordinary desert wasteland. The scene of the workers' work was not seen at the scene, and there was no sound of machine roaring. The project site office could be found along the signs. The office had already gone to the building, leaving only two security guards.
“Does the construction site stop working indefinitely?†The journalist asked a friendly male security guard. He replied: “I can’t answer your question. You look at it yourself and judge it yourself.†Then he casts something like “not seeing through.†It’s a good friend’s expression.
On the construction site of Nuo Da, only a dozen bulldozers were not neatly parked on the side of the road. The reporter originally planned to take some small videos on the site. It was found that everything was static at the scene, and the effect of taking photos and taking video was the same.
“Are you still paying your salary now?†The journalist then asked, the male security guard asked: “Do you think I am a volunteer?†When a journalist wants to ask questions, a serious female security guard I screamed from afar and shouted to the journalist: "No photo, leave here immediately!"
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At the vast construction site, only a dozen bulldozers were not neatly parked on the side of the road.
North Las Vegas, which was hit by the subprime mortgage crisis in the property market, hopes to revitalize the manufacturing industry
North Las Vegas was once the fastest growing city in the United States. Before the subprime mortgage crisis broke out in 2007, the city built a large number of houses. After the subprime mortgage crisis broke out, the city of North Las Vegas also suffered a shock in the United States. The biggest hardest hit area. According to Zillow, an online housing agency website, when the US property market was at its lowest in early 2012, 31% of homebuyers in the US were higher than their property value, and they were in a state of insolvency, while this ratio was 71 in South Nevada. %, which is more than twice the national average, and the proportion of insolvent buyers in North Las Vegas is as high as 81%. At that time, 34% of the houses in North Las Vegas were seized by banks, and many owners took the initiative to discard bad assets.
Although the US economy and the property market have generally warmed up recently, the city of North Las Vegas has not fully recovered from the subprime mortgage crisis. Until now, the sequela of the subprime mortgage crisis is still very obvious in the city of North Las Vegas.
As for the on-the-spot observation by journalists, there are still a large number of banks in the local housing market that have been seized and recovered. The inventory of the houses has not been digested in time, and the non-performing assets discarded by the owners have caused the vacancy rate of the city to be very high. Walking through the urban area, a set of empty houses can be seen everywhere, and people on the main roads of the city during the day are also very rare. A large number of vacant homes have created a social problem unique to the region that is not common in other cities in the United States - "squatters". "Unauthorized land grabbers" illegally break into vacant homes to take their own possession, and some even use illegally occupied houses as dens of criminal activities such as drug trafficking. Reports from police, city officials, and “squatters†are full of local media.
In stark contrast to the bustling streetscape, the North Las Vegas Municipal Building was completed in 2011 with a total investment of $130 million. The nine-story municipal building is the tallest and most luxurious landmark in North Las Vegas. Its presence is a testament to the city's past, and it is also very awkward and out of date.
The highest and most iconic landmark in the city of North Las Vegas - the Municipal Building.
Faraday's future office in North Las Vegas is located in the municipal building, which rents an office of nearly 200 square meters on the third floor for an annual rent of $65,000. The security guard downstairs refused the request of the journalist to go upstairs to visit, but revealed: "Although the construction site has been shut down, the staff of the office still go to work normally."
The Mayor of North Las Vegas took the initiative to find the future of Faraday
Two years ago, the local finances of North Las Vegas were on the verge of collapse. Because the laws of Nevada did not allow the city to declare bankruptcy, the city of North Las Vegas did not follow the footsteps of Detroit, but the entire city was almost in the state. The government took over to pay off the debt.
At that time, the mayor of North Las Vegas, John Lee, realized that over-reliance on the gaming industry and tourism was the Achilles heel of the North Las Vegas economy. Only economic structure diversity could expand and revitalize local finances. Big market. As a result, the launch of the long-awaited Apex Industrial Park development plan became an urgent task for John Lee.
The industrial park on the edge of the desert has been connected and powered, but there is no water. The biggest challenge he faced was finding a suitable company that was willing to invest in this impenetrable desert, and that the company had to have enough potential to shake the entire industrial park and activate the local economy.
Manufacturing has always been an industry favored by local governments, because manufacturing has a potential “waterfall effect†for local fiscal revenue generation. After a manufacturing company settles in, it will attract a large number of related suppliers, and then it may be the entire industry, and finally more employment opportunities generated around the industry. If there are employment opportunities, it will attract a large number of people to move in. These people will eventually pay taxes, and with a large number of new populations, there will be a developed service industry.
In February 2015, Faraday's future project entered John Lee's "radar", which is the company he dreamed of to shake the entire regional economy. John Lee took the initiative to contact Faraday's future and made a special trip to the headquarters of the company in Los Angeles. The original 15-minute meeting was eventually extended to two hours.
Applying the “waterfall effect†theory, it is possible to explain how attractive Faraday’s “big pie†was drawn for the North Las Vegas city and the entire Nevada state government. According to the forecast data released by the Nevada Governor’s Economic Development Office: “The initial investment in the first 10 years of the project is 1 billion US dollars. At the project construction stage, it will create up to 3,000 jobs in the construction industry. After the project is put into production, it will directly create 4,500 jobs. The salary is not less than 22 US dollars, and provides a full set of benefits (medical insurance paid leave, etc.). The project will also create an additional 9000 jobs indirectly for the entire region. The project will bring direct economic benefits of 55 billion US dollars to the entire region within 20 years. And the indirect economic benefits of $20 billion."
Faraday future project signage.
Nevada's investment promotion: Tesla is a showdown to play poker, Faraday's future is blindfolded John Lee clearly understands the open space of the Apex industrial park, cheap land prices, the right climate does not become the size of the Faraday future The conditions for the settlement of large projects. In accordance with established practice, to harvest the “waterfall effectâ€, local governments must first throw tax incentives for this hydrangea.
John Lee immediately contacted Steve Hill, director of the Nevada Governor's Office of Economic Development. Hill participated in negotiations on the Tesla Super Battery Factory, the largest investment attraction in Nevada's history. It is rumored that during the initial negotiations of the Super Battery Factory project, Tesla, on behalf of the Lions, had directly asked the Nevada state government to give a $500 million cash gift to help its project settle, but Nevada law does not allow the government to use cash. Provide investment incentives to companies. After several comparisons and bargaining, Nevada finally recruited the Tesla Super Battery Factory with a 20-year tax credit of $1.3 billion.
When it was Faraday's future project, Hill was already familiar with it. He quickly reached a $335 million investment incentive plan with Faraday's future negotiators, of which $215 million was a 15-year tax break, and also included a 1.2 release. US$100 million of state government bonds for infrastructure projects, of which $7,000 will be used for water and sewage projects in the Apex Industrial Park, and $50 million will be used for road widening and railway construction in front of Faraday's future projects.
The same is the electric car manufacturer. Unlike Tesla, Faraday has not built electric cars in the future, and there are no ready-made products.
“At the time, the future representatives of Faraday said that their future cars would be unparalleled and beyond imagination. He said that there are specific production schedules within the company, but they cannot share them with the outside world.†One who participated in the Faraday future project settlement meeting I am willing to disclose the name of the North Las Vegas employee to the journalist. "His statement sounds weird and abstract, but everyone chose to believe it."
The local media once compared the future projects of Tesla and Faraday to gambling. The Tesla project is like playing cards with poker cards. The quantity and quality are well known. The only uncertainty is the final price/performance ratio of this transaction. Little economists have questioned the Nevada state's lack of experience in negotiating very large projects, and the ridiculous Tesla gave way, because the employment opportunities and economic benefits ultimately created by the project may not have been much promised by Tesla, $1.3 billion. Tax relief is given up. The Faraday future project is considered to be a veritable blindfolded poker game, and nothing can be seen clearly.
Faraday's future projects outside the construction site are expected to be broadened in the future.
Worst result: Nevada state government will not be a loser
“We were prejudging the worst outcome of Faraday's future projects. They might not be able to make electric cars, so we will leave us with a ready-made, ready-made electric car factory. But we never thought about it. The risk of capital cuts.†A project manager at the Nevada Governor’s Office of Economic Development told privately to reporters.
Adjusting a single industrial structure and ridding the local economy from excessive reliance on the gaming industry is the original intention of the Nevada state government to throw a total of 335 million US dollars in “big gift packages†to attract Faraday's future projects. Now it seems that Nevada has no way to get rid of it. They are good at the economic pillar industry gambling industry, because the investment of Faraday's future projects itself is more similar to a "gamble" in Nevada.
Nowadays, for Faraday's future projects, both Steve Hill and John Lee's external calibre have changed from emphasizing economic benefits and employment opportunities a year ago to a huge risk that they have already foreseen the project. The risk of the project has been reflected in the design of the incentive plan and the bill.
Greg LeRoy, head of research at Good Jobs First, a think-tank based in Washington, which specializes in tracking local government investment incentives and employment opportunities, agrees in part with the two officials’ comments, simply comparing the two incentive plans. Later, he told reporters: "The same is the tax reduction and exemption policy. The Tesla project adopts the first reduction, such as the failure to reach the established indicators and the recovery method; and the future project of Faraday is to pay taxes first. If you reach the stated goal and then refund the tax."
From this point of view, Nevada is the beginning of the casino to open a home, the basic risk awareness is still there, and the banker will never lose very badly.
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