JEFFERSON CITY -- The Missouri General Assembly today approved Senate Bill 620, which offers a variety of incentives to the Ford Motor Co. to keep its assembly plant in Hazelwood open.
Last week, Loudon amended the language from Senate Bill 620 onto House Bill 289, a downtown revitalization plan.
The legislation would amend current laws related to the BUILD Program incentives, the Enterprise Zone Program, and the Community College New Jobs Training Program.
"Even with these changes, no one is guaranteeing that Ford will stay," Loudon said. "This bill provides some important tools to work with."
Ford can only take advantage of these incentives if they agree to reinvest $500 million over a five-year period and commit to keeping the jobs in Missouri for a period of time.
Both SB 620 and HB 289 contain an emergency clause, which puts it into effect as soon as the governor signs it, and negotiators will be able to immediately use these incentives to encourage Ford to remain in Hazelwood.
"I want to thank the leadership in both the Senate and the House for backing this bill and assisting in its passage," said Loudon. "Keeping the Ford plant in Hazelwood is crucial to our efforts to revitalize Missouri's economy."
More than 2,500 people work at the Hazelwood Ford Plant, and businesses in 29 counties in the state provide products for Ford. The Missouri Department of Economic Development estimates that approximately 10,000 jobs would be lost - both directly and indirectly - as a result of the shutdown of the Ford plant. That would result in the loss of more than $500 million in wages.
The Hazelwood Ford Plant opened in 1948, and currently assembles the Ford Explorer. In January 2002, the Ford Motor Company announced a restructuring plan that would close five plants throughout the country, including the one located in Hazelwood, by mid-decade.
Having been approved by the General Assembly, SB 620 will be sent to the governor for his signature. Gov. Holden has expressed support for this legislation, and is expected to sign it.