State BusinessWednesday, October 28
A state board tabled the Gotion settlement until a special meeting planned for November
The Good Day Grand Rapids team
The Michigan Strategic Fund board met in closed session Tuesday and asked for more time on a settlement framework for Gotion's failed battery plant in Green Township, about an hour north of Grand Rapids. WOOD reports the board will vote at a future meeting.
Only $23.7 million of the state's money was paid out
Source: Crain's Grand Rapids Business
View as table
| Value | |
|---|---|
| Planned plant | $2,400 million |
| Grant never disbursed | $125 million |
| Paid to buy the land | $24 million |
Under the proposed deal, Gotion would walk away, return the land and stop seeking damages from the township. The state would drop its demand that Gotion repay the grant. WOOD adds the township board approved executing the agreement earlier this month, subject to amendments.
- Land goes to the state land bank until it's repurposed
- Gotion sued the township in March 2024
- Gotion's Chicago-area battery pack plant is moving ahead
$24 millionin grant funding the state would stop demanding Gotion repay
The state's economic development arm said about $23.6 million to $23.7 million was disbursed, to reimburse land costs.
Sources: Crain's Grand Rapids Business, WOODTV.com
Sources: Crain's Grand Rapids Business, WOODTV.com