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Legislature Passes Nearly $1.5 Billion for Economic Development

Dec 17, 2021

During their final day of session for 2021, the House and Senate passed an economic development plan. One of the bills, introduced by Senator Ken Horn (R-Frankenmuth), focuses on economic development and helping businesses in Michigan. The bill appropriates $1 billion to the Strategic Outreach and Attraction Reserve (SOAR) Fund, $409 million to help businesses impacted by the COVID-19 pandemic, and $75 million for local governments.

The House and Senate also passed legislation creating the SOAR and additional bills setting up the workings of the funds. Under one of the proposals, Michigan businesses could qualify to receive grants, loans, or other economic assistance for a list of actions, including capital investments, job training opportunities or workforce development, the creation or retention of qualified jobs, plus more. Another bill within the plan would allow funds to be used for business attraction by utilizing funds for land acquisition, site preparation, environmental remediation, plus more.

All the bills within the plan will be sent to Governor Gretchen Whitmer for her consideration.

Michigan Legislative Consultants is a bipartisan lobbying firm based in Lansing, Michigan. Our team of lobbyists and procurement specialists provide a wide range of services for some of the most respected companies in America. For more on MLC, visit www.mlcmi.com or connect with us on LinkedIn and Twitter.

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