One week after Nevada Governor Brian Sandoval stood on the steps of the state capitol to announce Tesla's choice to build a Gigafactory in Northern Nevada, he signed the bills into law that will allow it to happen.

That signing came immediately after the both houses of state legislature passed four bills in a two-day special session.

Senate Bill 1 includes about $1.3 billion in tax credits and requires that at least half of the construction workers hired to build the Tesla facility are Nevada residents.  SB-1 also transfers a $70 million tax credit to Tesla from the film industry.  The film industry's tax credit will drop from $80 million to $10 million.

On the Assembly side, Assembly Bill 1 makes a provision for lower electricity rates for manufacturing, Assembly Bill 2 allows electric car companies to sell cars without going through a dealership and Assembly Bill 3 shifts $25 million from insurance companies with offices in Nevada to businesses like Tesla. After signing the bills, the Governor had this to say: 

“I want to thank the Nevada Legislature for its thorough and comprehensive review of this legislation. The Legislature has confirmed that this package is indeed in the best interest of our citizens and is good for Nevada. On behalf of my staff and the Governor's Office of Economic Development, I am proud to officially welcome Elon Musk and Tesla Motors to the Nevada family.”

Sandoval says Tesla's lithium battery gigafactory and its promised 6,500 workers will bring more than 20,000 construction and other related jobs and up to $100 billion for Nevada's economy over the next 20 years.  He says it will provide a return on investment of $80 for every $1 the state spends.

U.S. Senator Harry Reid reacted immediately to the bill signing, saying, "Today is a historic day in Nevada. It is a result of many years of developing our state's renewable resources so that the nation and world saw Nevada as an innovator in energy technologies.  This did not happen by accident.  It is an example of public-private partnerships and smart federal and state policies to encourage growth.  I am incredibly pleased with the hard work that helped bring Tesla to Nevada. I appreciated the partnership of Governor Brian Sandoval through this process. I commend the leadership of Assembly Speaker Marilyn Kirkpatrick and Senate Majority Leader Mo Denis as they ensured this crossed the finish line. The next phase of Nevada's innovative energy future has begun."

State Senator Ben Kieckhefer told Channel 2 News, “Nevada is going to be having the most significant economic development project that our country has seen in decades.  That's good for all of us.”

State Senator Greg Brower adds, “Despite all of the very good questions and concerns, the fact of the matter is that this was a very, very good deal for the entire state.

That $5 billion gigafactory will be located east of Reno/Sparks in the Tahoe Reno Industrial Park, where construction on the massive facility is already underway.

Stay with Channel 2 News for full coverage of the special session and Governor Sandoval's signing of the bills tonight on Channel 2 News at 11:00.

(The Associated Press contributed to this report)