The Elio Motors hybrid
car/motorcycle is coming
to the shuttered former General Motors plant in southwest Shreveport. The three-wheeled
vehicle is like an enclosed motorcycle, two seats one right behind the other
with basic operating conveniences. It looks odd, but its founder and its
private sector venture capitalist, the latter actually providing the majority
of resources to purchase the old facility and also opening up the building to
other tenants, hope it will succeed on gas mileage figures at least a third
higher than any other current automobile and a price half of any of them.
The state’s
contribution comes from incentive and tax abatement programs that may or
may not actually return more money to the state than is forgone, but at least
won’t be triggered until there is actual production and targets to be reached.
Caddo Parish’s is in the form of backing $1 million of $10 million worth of
industrial development bonds, with the potential to lose it all if the
enterprise goes belly-up and saddled with owning an idle property.