Nevada is no longer in Faraday’s present, let alone its future

Faraday Future and Nevada have officially broken up.

“The Faraday project is basically dissolved at this point at absolutely no cost to the state or local governments,” Steve Hill, director of the Governor’s Office of Economic Development, said Tuesday. “Over the past month, we worked with Faraday Future to identify any abatements they received but did not remit.”

The electric autonomous vehicle manufacturer made out a $16,000 check to the state’s Department of Taxation in July, paying back the only abatements the company received.

Approximately $620,000 remains in a trust fund that will begin to be distributed around the state to local tax jurisdictions.

“There are some formalities that have to take place, but it is essentially in process,” said Brian Baluta, spokesman for the economic development office.

Faraday still owns 930 acres of land at Apex Industrial Park in North Las Vegas. Hill said “several companies” have an interest in the site, and “one in particular” is working with Faraday.

“It’s between that company and Faraday to hopefully allow that property at Apex to move forward,” Hill said, declining to elaborate on any

FARADAY

details about the interested companies, including which industries they represent.

In December 2015, Nevada lawmakers approved a $335 million incentive package, including $215 million in tax breaks, for Faraday Future to produce vehicles at Apex in 2018.

Faraday confirmed in August that the company had pulled out of its deal and signed a lease on a 1 million-square-foot manufacturing facility in Hanford, California, between Los Angeles and Silicon Valley.

Hill said he’s confident that “something pretty significant will move forward in the very near future” and that he’s “excited about a potential project that is there.”

Contact Nicole Raz at nraz@ reviewjournal.com or 702-380-4512. Follow @Journalistnikki on Twitter.