Bexar County Commissioner’s Court pulled the plug Tuesday on an incentives package for DeLorean Motors Reimagined, an electric-vehicle startup that pledged to create 450 jobs if it got tax breaks to locate its headquarters in San Antonio.
The commissioners didn’t discuss the deal’s termination during their weekly meeting. Instead, they voted 5-0 to approve the action as part of a package of routine agenda items.
The vote came after DeLorean Chief Operating Officer Bill Frazer sent a letter to the county asking it to end the incentive agreement, which would have included roughly $1 million in tax breaks, the Express-News reports.
[…]
DeLorean hasn’t yet avoided paying city and county taxes because it never hit benchmarks required for those abatements to take effect, according to city and county officials. Even so, some industry observers questioned the wisdom of extending such a package to an untried venture in difficult startup market.
See here for more on the rather colorful history of the rebooted DeLorean in San Antonio. The company is still in business, it just was never able to deliver on promises to create those jobs. That’s the way it goes. TPR has more.