PORTAGE (WKZO AM/FM) — The Portage City Council put their final stamp of approval on a first of its kind, 15-year, 50% tax abatement for Pfizer’s latest expansion proposal. The vote was unanimous.
Local company executives hope to build a 465-million dollar sterile manufacturing facility at their Portage Road complex that may eventually create 400 new jobs.
Jill Bland at Southwest Michigan First says it’s longer than the usual 12-year tax break because few new plants take three years to build.
She says this complex manufacturing facility will need a lot of inspections and permits before it will be permitted to make drugs, and that apparently takes time.
The local Pfizer executives still need approval from the state for the local tax break, and whatever assistance the MEDC is willing to offer, and they say they still need approval from Pfizer Corporate Headquarters before anyone will be in a position to pop champagne corks.
When the Portage City Council approves a tax break for a local firm, they are also acting for many other taxing units in the County.
They will not be the only jurisdiction or agency giving up tax revenue to bring the plant here. Some are reimbursed by the state, but most are not. But remember for every dollar they give up, they will be receiving a new dollar they would not have gotten without the project.
The total, just in case you can’t read the fine print is just over $32-million.
