Councilwoman Adriana Rocha Garcia (D4) said the incentive approved by City Council was shaped in part by past economic incentive programs that didn’t deliver for the city.
DeLorean comes as the latest automotive company to enter the region, though it does so without the established history of those other giants, and without their financial heft.
DeLorean has no connection to the original DeLorean Motor Company, which went bankrupt and closed in 1985, the same year the car gained cultural prominence in the movie. The brand was bought in 1995 by Stephen Wynne, a mechanic in a Houston-area town who is now an investor in the startup.in February to locate its corporate headquarters in San Antonio, where it would seek to revive the iconic brand as a new line of electric cars.
Councilman John Courage cited the structure as the reason for his support despite some skepticism about the venture’s prospects. The city anticipates the company’s entrance to San Antonio to bring in $2.7 million in revenue from property and sales taxes, according to staff estimates. Subtracting the cost of city services and the incentives leaves a net benefit of $507,280 to city coffers.
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