Downriver Today

A bipartisan bill recently signed by Gov. Gretchen Whitmer (D-MI) will help the state secure investment opportunities and more economic growth.

According to a news release issued by the state government, Senate Bill 844 will help fund the state’s bipartisan Strategic Outreach Attraction Reserve (SOAR) endowment, which was created in December of 2021.

“Today, I am proud to sign another bipartisan bill that will build on Michigan’s growing economic momentum, attract billions in investment and create tens of thousands of good-paying jobs,” said Whitmer in the release. “The bipartisan legislation will help us grow, attract, and retain businesses in Michigan, ensuring we can lead the future of mobility and electrification and bring supply chains of chips and batteries home to Michigan. Our work on economic development is a testament to what we are capable of when we work together. Let’s keep putting Michiganders first and moving our state forward.”

The SOAR fund will seek to provide assets for property development to entice businesses to construct their projects.

“We have taken another step today to keep growing Michigan’s economy and I am grateful to Governor Whitmer and bipartisan leaders in the legislature for prioritizing economic development,” said Sen. Curtis Hertel (D-East Lansing). “Securing these funds will help us attract more jobs and investment to every region of the state.”

The provision earmarks $496 million for future economic investments, $350 million for site development statewide and $27 million for China-based chip manufacturer Hemlock Semiconductor to develop a facility in the state.

"The Whitmer administration's economic wins keep adding up for Michigan,” said Representative Rachel Hood (D-Grand Rapids). “I look forward to continuing our work to attract and retain the technology and manufacturing companies who will drive West Michigan's economy in the 21st century. We're ready!"