Vallejo Leaders To Vote On Electric Car Plant That Could Pump Millions Into Once-Bankrupt City
VALLEJO (KCBS/AP) -- Vallejo city leaders Tuesday are expected to vote on an exclusive negotiating agreement with Faraday Future for a 150-acre electric car plant on a former Vallejo shipyard.
The plant would be set up on the north end of Mare Island.
The plant is expected to create hundreds of jobs and to pump hundreds of millions of dollars into Vallejo.
Vallejo was once home to a thriving naval center.
But in 2008, this diverse working-class city had tens of millions of dollars in debt and filed for Chapter 9 bankruptcy protection.
In 2011, a federal judge approved Vallejo's $50 million debt-restructuring plan.
Since then, it has been slowly rebuilding.
The electric car project would bring Vallejo increased property, sales, utility and hotel taxes among other boons.
