The Strategic Outreach and Attraction Reserve package, or SOAR, has been signed into law. The plan is described as a “historic economic development toolkit” meant to help Michigan attract businesses.
The bipartisan legislation has been praised by both Governor Gretchen Whitmer, a Democrat, and Republicans House Speaker Jason Wentworth and Senate Majority Leader Mike Shirkey.
Whitmer praised the collaboration saying, “Because both parties in the legislature came together, our state will be able to win huge, transformational projects and compete effectively for every dollar and every job for decades to come.”
Shirkey said, “With the actions we are affirming today, we are not just demonstrating Michigan is ‘in the game,’ we are establishing our seat at the table, side by side with investors who recognize the value of Michigan and its unique assets.”
The $1 billion economic development fund will keep Michigan in the running to attract investment from job-creating industries. An additional $500 million fund will pay for technological changes, support small businesses, and create or retain competitive jobs.
Reporting for WGRT – Jennie McClelland
