Grand Rapids Reporter

State leaders are hoping a new bipartisan bill will help Michigan secure investment opportunities that lead to economic growth.

Gov. Gretchen Whitmer (D-MI) recently signed Senate Bill 844, which will help fund the state’s bipartisan Strategic Outreach Attraction Reserve (SOAR) endowment, which was created in December 2021, according to an Oct. 4 news release.

"The Whitmer administration's economic wins keep adding up for Michigan,” Rep. Rachel Hood (D-Grand Rapids) said in the release. “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."

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

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

“These supplemental budgets invest part of our $7 billion surplus to support economic growth, create good jobs, help struggling students afford to go to college and support the mental health of invaluable first responders," said Sen. Jim Stamas (R-Midland). “Economic development is critical to our future. As our economy faces the challenges of high inflation, labor shortages and supply-chain issues, we must help our state remain competitive for long-term, high-wage jobs.”