Posted : Jun 29 01:50 AM
The Ford Motor Co. wins an incentive package of USD 101 million in Michigan
The Ford Motor Company got approval for an incentive package worth USD 101 million from the legislators of the Michigan State. The package was approved to allow Ford to launch a new project which would create 3030 jobs for the residents of Michigan. Furthermore, the project would also generate USD 1.16 billion through investments in manufacturing units spread across Michigan.
The incentive is funded by the taxpayer’s money and is conditional. Ford can claim the incentive only if it meets the job targets that it has committed. The incentive would be paid in increments every time the specified targets are met.
The approval of the Senate Appropriations Committee was the last step after which Ford could get the money. Last week, Ford announced its plans to invest USD 3.7 billion in establishing manufacturing units. These units would be spread across Ohio, Michigan and Missouri, creating 6300 new employment opportunities in the Midwest.
The incentive money would be funded by the Strategic Outreach and Attraction Reserve Fund, which Michigan created in December. This fund was created to attract and retain lucrative businesses. Earlier this year, Michigan had also approved a USD 666 million package for General Motors.