DETROIT (WWJ) – Gov. Gretchen Whitmer on Monday signed a package of bills in an attempt to draw big manufacturers – including in the automotive industry – to make investments in Michigan.
Whitmer signed bipartisan legislation creating a $1 billion economic development fund to help the state compete for billions of dollars in investment and attract tens of thousands of jobs to Michigan.
The Strategic Outreach and Attraction Reserve (SOAR) comes in response to Ford’s decision earlier this year to “snub” Michigan, when it announced plans for major electric vehicle facilities in Tennessee and Kentucky.
House Bill 4603 creates the $1 billion fund, while Senate Bill 771 creates a $500 million fund to “make our economy more adaptable to the rapid pace of technological change, supporting small businesses, and creating or retaining good-paying jobs,” the state said in a press release.
Whitmer also signed Senate Bill 769 to create a financing mechanism for both programs and Senate Bill 85 to provide full funding to start delivering for Michiganders right away. SB 85 will also provide direct assistance to small businesses affected by the COVID-19 pandemic.
“Today we’re coming together to make a bold investment in our collective future,” Whitmer said Monday at the Automotive Technology Center on the campus of Wayne County Community College on Detroit’s east side.
Whitmer says the Michigan Strategic Site Readiness program will allow the state to better create sites ready for investments and to attract and spur business growth in the state.
Speaker of the Michigan House of Representatives Jason Wentworth says the business climate in Michigan has been holding the state back, but the new plan is a way forward.
“Site availability and readiness have risen quickly as deciding factors for companies who are considering future investments and expansions,” Whitmer said.
Officials are hoping that site readiness will play a role in bringing major developments and projects to the state, including a possible General Motors EV facility that has been rumored over the last few weeks.
The Michigan Economic Development Corporation says it has "several transformational projects in its pipeline" that will help create tens of thousands of jobs.
"These programs will support business retention and attraction efforts across regions through improved site readiness efforts and create a new 'home court advantage' for automotive, electric vehicle, and advanced manufacturing growth in the state."
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