On February 28, 2013 the Racer Trust executed an agreement with Paul Elio to transfer a certain parcel of land along with equipment referred to at the General Motors Plant in Caddo Parish for a total of $33,500,000. The Buyer, Elio Motors, Inc, an Arizona Corporation, paid a deposit of $750,000 based upon closing the contract no later than September 4, 2013. It appears this closing date is now in jeopardy and Paul Elio may forfeit his deposit.
The inspection date, and all Milestones of the agreement appear to have been signed off by responsible fiscal parties. However the Caddo Parish Commission was to be the “Funds Provider” to make the deal solid. The problem is that a lawsuit against Caddo Parish by commissioner Stephanie Lynch was filed today to bring the whole closing to a halt.
A key provision of selling the plant to Elio was the company’s promise to create 1,500 jobs manufacturing its three wheeled concept vehicle in Caddo Parish. It now appears Elio can not afford to purchase the plant, and the promise of those 1,500 jobs materializing is doubtful.
Additionally a petition has appeared, sponsored by Commissioner Lynch, that is designed to garner public support to halt the flow of Caddo taxpayer money toward this project. Details are still developing and will be reported as we clarify them.