HOLLAND, Mich. (AP) - A Wisconsin-based company is reimbursing the state of Michigan $3.75 million after failing to create 400 jobs at its Meadowbrook advanced battery manufacturing plant in Holland.
Under an agreement presented Tuesday to the Michigan Strategic Fund, Johnson Controls Inc. also is required to maintain its current employment level of 225 jobs at the plant and invest another $12 million. MLive.com (https://bit.ly/209xE5y ) reports that the company agreed to pay back an additional $8.75 million to the state if the plant falls below 225 jobs.
State economic development officials approved in 2009 a Michigan Business Tax Credit of $48.5 million over 15 years for the Holland plant.
The plant was built five years ago with the help of a $299.2 million federal stimulus grant and $168 million in state grants and tax credits.
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Information from: The Grand Rapids Press:MLive.com, https://www.mlive.com
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