The city of Casa Grande moved forward with its portion of the development agreement for 1,300 acres with Pinal County and Lucid Group Inc. (Nasdaq: LCID) on Tuesday.

The unanimous City Council vote came about a week after Pinal County approved its portion of the development agreement, as well as a lease and purchase agreement for the 1,300 acres and a large bond that could go toward buying the site.

The new agreements will bring the Lucid site to about 2,000 acres overall for a potential expansion and requires Lucid to pay an annual rent of $7.1 million for four years with an option to buy the property. The company has also been purchasing large sites around its property in recent months, while investors have been buying and selling off land in the areas.

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By Audrey Jensen, Reporter - Phoenix Business Journal