Earlier today, Governor Whitmer signed a package of bills said to be vital to Michigan’s efforts to compete for transformational projects into law. The bipartisan supported bills create the Strategic Outreach and Attraction Reserve (SOAR) program which fully funds a historic economic development toolkit. These bills passed the legislature last week on Tuesday, December 14, 2021.
The governor signed House Bill 5603 to create a $1 billion economic development fund to ensure the state can compete for billions of dollars in investment and attract tens of thousands of jobs to bolster our economy.
The governor signed Senate Bill 771 to create 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.
Additionally, the governor signed Senate Bill 769 to create a financing mechanism for both programs and Senate Bill 85 to provide full funding.
Included in the package:
- $1 billion for two new MEDC job creation funds to use for cash incentives for large corporations and construction site improvements
- $409 million in grants for businesses affected by the COVID-19 shut-downs
- $140 million in emergency rental assistance
- $36 million for emerging health threats, including lead contamination in water lines in Benton Harbor and other communities in the state
Jennifer Rigterink is a legislative associate for the League handling economic development, land use and municipal services issues. She can be reached at [email protected] or 517-908-0305.