Lightning Hybrid Cars

Lightning Hybrids will unveil a prototype of a car at the Denver Auto Show that could get 100 miles per gallon by sometime this summer.
Tuesday night, the burgeoning company, Lightning Hybrids, asked the Loveland City Council for some help toward that goal.

It was among three companies seeking help with expansion projects, as well as the retention or creation of jobs for the city. Council discussed the three proposals at its study session and decided to move forward on all three. Council members do not vote at study sessions; official resolutions will come before them at future meetings.

Lightning Hybrids was the sole company asking for a cash incentive.

As the company moves forward not only to produce its cutting-edge hybrid vehicle but enter it in the $10 million X Prize competition, it is seeking as much as $100,000 in assistance.

The incentive will be tied to the creation of new jobs. Under the tentative proposal, the company would get $50,000 up front, and $2,000 for each job created, up to $50,000.

The goal is to create 50 jobs, but for each job not created under 30 jobs, the city could take back $2,000.

“We think we’ve got a great idea (and) we think this is something that is sustainable,” said Tim Reeser, chief sales and marketing officer for Lightning Hybrids.

And the company would like to stay in Loveland. Reeser said it is already scouting locations for a potential future manufacturing site, for when the production of the vehicles is running full speed.

The city has already approved an incentives package for the renovation of the site Lightning Hybrids will move into in the near future, at 319 N. Cleveland Ave.

That incentive is going to the Johnson family, who co-founded Lightning Hybrids and plans to redevelop the building as a mixed-use project with light manufacturing, office and residential uses.

“We make no bones that we’re a Loveland company, and it’s been very strong recognition for the city as well,” Reeser said.

Council members were optimistic yet cautious, given the tumultuous economy and the current difficulty in securing financing.

Councilors said when the resolution on this incentive comes to them for action, they would like to see a rationale for the 30-job threshold for getting some of the city’s money back. They also would like to see some retention measures for the jobs expected to be created.

Currently, jobs have to be created and remain for 12 months. Some councilors would like to see that be longer.
Source: Loveland Reporter-Herald

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