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I found it hard to get past the $1 billion price tag to tell you the truth. 
But, if it actually comes to pass it will be great for our local economy.
As I understand it they are building a mock city about the size of one with 35,000 people with streets, houses, etc so that they can test stuff. There's a video on their site that shows more:
From the website of the people putting it together:
"The Center for Innovation, Testing and Evaluation (CITE) will be the first of its kind, in scale and scope, fully integrated test, evaluation and certification facility dedicated to enabling and facilitating the commercialization of new and emerging technologies.
CITE will be modeled after a mid-sized modern American city, integrating real-world urban and suburban environments along with all the typical working infrastructure elements that make up today’s cities. This will provide customers the unique opportunity to test and evaluate technologies in conditions that most closely simulate real-world applications."
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