Big day for HK Motors and Baldwin Co.

BAY MINETTE, Ala. - It was a big day for HK Motors and the Baldwin County Commission. Both signed a letter of intent, which means the "green" car builders can move forward to secure funding for the plant.

The company says it needs to secure around $1.5 billion for the project. Members of the Baldwin County Economic Alliance seem excited about the move.

"It's just a way of welcoming them to the county, and to say, 'We want you, and you are are going to negotiate an agreement with the state of Alabama,'" said Robert Ingram of the Baldwin County Economic Alliance.

Leaders say that manufacturing 300,000 cars in the first year of production is a big task, but they believe it can be done.

"I believe if you want to make a true impact on the economy and society, then that is what we have to do," said HK Motors leader C.T. Wang.

State leaders also responded to claims that the Chinese company is relying heavily on the EB-5 program. That program gives non-citizen's U.S. visas if they invest in an American business.

"As I understand it, there is not exclusive use. If the program is available, then we will use it. But there are options to use other types of financing as well. That includes public offering," said Boyd Campbell of the Alabama Foreign Investment Center.

Although leaders say this hurdle has been cleared, many more are still ahead.

The proposed site is off I-65 in Bay Minette.

This will be the first US plant for the company that has a home office in California.