Michigan Strike Out
Yesterday the governor of Michigan announced that a $55b semiconductor manufacturing project that was supposed to bring 10,000 jobs to Mundy Township had been cancelled . The project, one of the largest economic investments in Michigan history, was to be the home of a SanDisk’s (SNDK) 1,300 acre mega site in Mundy Township in Genesee County that was to be focused om NAND Flash technology development and production. Unfortunately the state has already spent $260m to acquire and prepare the site for the project.
Sandisk was offered over $6.2b in incentives with almost $2b in cash grants, along with $250m in workforce development funding and $3.75b in tax breaks, including a 50 year property tax abatement. SanDisk is in their quarterly quiet period and has made no official comment, but as expected, both parties have blamed each other for the project failure. The state expects to continue to promote the site to other advanced technology companies.
Sandisk was offered over $6.2b in incentives with almost $2b in cash grants, along with $250m in workforce development funding and $3.75b in tax breaks, including a 50 year property tax abatement. SanDisk is in their quarterly quiet period and has made no official comment, but as expected, both parties have blamed each other for the project failure. The state expects to continue to promote the site to other advanced technology companies.
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