Arcimoto, Inc. Enters into Agreement to Purchase Certain Buildings and Real Estate Located Within the City of Eugene, Oregon
January 06, 2021 at 09:20 am EST
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Arcimoto, Inc. entered into an agreement to purchase certain buildings and real estate located within the City of Eugene, Oregon. The Company has agreed to purchase the properties commonly known as 311 Chambers Street and 1480 West 3rd Avenue, from RLA Holdings, LLC for the total purchase price of Ten Million Two Hundred Fifty Thousand dollars ($10,250,000.00). The Company pledged Eighty Thousand Dollars ($80,000) via a promissory note as earnest money for the transaction. The sale is contingent upon the Company’s complete and unconditional approval of: (i) the property and its physical condition, zoning and land use restrictions, and all systems, utilities, and access rights pertaining to the property; (ii) The seller’s documents; (iii) securing financing; (iv) a Phase I environmental assessment & all appropriate inquiries investigation so as to protect the Company under CERCLA; and (v) anything else the Company deems necessary. Closing is scheduled to occur on March 31, 2021 but may be extended depending on the results of the Company’s inspections. RLA Holdings, LLC will be permitted to rent back the 311 Chambers St property after closing for up to 6 months at a rate of $50,000 per month plus all utilities, taxes, insurance, and maintenance expenses. The Company intends to utilize these properties to improve its production capabilities.
Arcimoto, Inc. is engaged in the design, development, manufacturing, and sales of electric vehicles. The Company has introduced six vehicle products built on the first Arcimoto platform that target specific niches in the vehicle market. Its flagship product, the Fun Utility Vehicle (FUV), for everyday consumer trips; the Deliverator for last-mile delivery and general fleet utility; the Rapid Responder for emergency services and security; the Cameo for film, sports and influencers; the Arcimoto Roadster, an unparalleled electric on-road thrill machine; and the Flatbed, the Company's solution for a right sized pickup truck. The Company introduced a second vehicle platform prototype, and the first product concept on that platform, a class III e-trike codenamed the Mean Lean Machine. The Company is also selling their TRiO motorcycle upgrade kit through Tilting Motor Works, Inc., which transforms a traditional two-wheeled motorcycle into a leaning three-wheeled motorcycle.
ARCIMOTO, INC. 
