Midland, Mich. (July 25, 2024) – Sen. Kristen McDonald Rivet (D-Bay City) applauds the Michigan Strategic Fund’s (MSF) approval of several significant incentives to support Dow Chemical Company’s and Dow Silicones Corporation’s operations and continued growth in the Great Lakes Bay Region.
The incentives will support the retention of at least 5,000 jobs and will bring a capital investment of at least $785 million to the area, bolstering the local economy and securing a prosperous future for the community.
“Dow is a vital employer and partner in our efforts to keep mid-Michigan leading the way in cutting-edge advanced manufacturing. Their commitment to modernize operations in Midland and Auburn will keep high-paying jobs and grow innovative research and development here in our backyard,” Sen. McDonald Rivet said. “Our collaborative work with Dow and the Michigan Economic Development Corporation will positively impact the bottom lines of so many mid-Michigan families now and for years to come.”
The approved incentives include:
- A Critical Industry Program performance-based grant of $120,000,000
- A 10-year extension of an MSF-Designated Renaissance Zone
- The termination of a Michigan Economic Growth Authority Tax Credit to The Dow Chemical Company
- A 15-year, 100% State Essential Services Assessment Exemption to Dow Silicones Corporation
Sen. McDonald Rivet continues to champion economic opportunities that deliver good-paying jobs to Great Lakes Bay Region residents. Earlier this year, the Small Business Association of Michigan recognized her efforts by awarding her Legislator of the Year. Additionally, Sen. McDonald Rivet supported the approval of incentives by the Michigan Strategic Fund for a new solar panel manufacturing facility in the Saginaw area and a $4.1 million investment aimed at driving economic growth in Bay County.
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