Nevada seals 'Gigafactory' incentive deal with Tesla

CARSON CITY, Nev. -- Nevada Gov. Brian Sandoval has signed four bills giving Tesla $1.25 billion in tax incentives to come in the Silver State.

"Isn't this a great day for Nevada?" he said to the assembled crowd standing in his office for the signing.

After receiving a standing ovation, Sandoval continued: "This is as big as it gets."

The electric car maker, for its part, isn't losing any time on the site its battery "Gigafactory" outside of Reno. Tesla has already begun grading the site.

Tesla says it wants the plant, costing up to $5 billion, operating by 2017. The company plans to begin hiring next spring for its factory jobs.

Those jobs, estimated at 6,500 by 2020, have been touted by Tesla officials as averaging $25 per hour with benefits.

"The reality is, it's here," said Lance Gilman, a commissioner in Storey County, Nev., where the plant will be built. "The magnitude of this is almost immeasurable."

Besides the construction costs, the Gigafactory is expected to be worth billions in economic impact.