ATL Standard

Rivian and state economic partners recently announced a finalization of the plans for 1,800-acre land plot near Atlanta to serve as a five billion dollar electric vehicle plant. According to officials, the aim is to position the state as a notable contributor in EV manufacturing, with ongoing discussions among local stakeholders concerning the project's effects and scale.

WSB Radio reported that the Joint Development Authority of Jasper, Morgan, Newton and Walton counties (JDA) passed resolutions to finalize the lease agreement, issue bonds for property tax financing, and prepare for the site handover to Rivian. The JDA plans to lease the 16 million-square-foot EV plant in Stanton Springs to Rivian for a 50-year period.

"It’s a great day in Georgia as we close and issue the bonds for the Rivian project. Rivian is the next step in delivering this generational opportunity, and Georgians in Jasper, Morgan, Newton, and Walton counties and beyond look forward to $5 billion in investment and 7,500 good-paying jobs that this innovative, American manufacturing company will bring," said JDA along with Georgia Department of Economic Development according to WSB Radio.

WSB Radio also disclosed that due to its exemption from property taxes, JDA plans to transfer approximately $700 million in property tax savings to Rivian until 2047.

Site grading will continue until year-end with Rivian initiating vertical construction soon after followed by a ceremonial groundbreaking early next year as per information from WSB Radio.

The future plant expects to hire around 7,500 workers with an average annual salary of $56,000 as mentioned by WSB Radio.

According to an agreement published by Georgia Department of Economic Development concerning Rivian's commitment; it was revealed that Rivian has pledged a minimum investment of $5 billion. This includes creating 7,500 full-time jobs by 2028 which they are committed maintaining till 2047. Compliance with environmental regulations and local ordinances, which includes various zoning, tree, stormwater, and impervious surface restrictions are also mandated. The agreement also establishes a 25-year clawback clause ensuring adherence to investment and job creation targets with pro-rata repayments if performance falls below specified thresholds.