In local news that is surprising to probably no one, on April 10 Portage City Council approved a massive tax break for Pfizer, as it plans a major sterile processing facility at its Portage manufacturing site.
Quote:
Portage City Council approves tax breaks for Pfizer expansion plan
Crain's Detroit Business | Associated Press
April 12, 2018
City officials in Portage have approved property tax breaks for a $465 million expansion project by New York City-based Pfizer Inc. (NYSE: PFE). The Kalamazoo Gazette reports Portage City Council voted this week to approve an exemption that will cut property taxes in half for 15 years, including three years during construction. Pfizer agreed to maintain 2,000 (note, article improperly said 200) current employees and hire at least 450 new people before the tax break expires. The pharmaceutical company sought the exemption for a sterile processing facility in the city just south of Kalamazoo. The newspaper said a total of $32.1 million in revenue will be forgone by local taxing jurisdictions during the tax break, which is set to expire in 2033...
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