PORTAGE, Mich. (WOOD) — Newly-approved property tax breaks are paving the way for hundreds of new jobs in Portage.
Tuesday night, the city council unanimously approved the tax incentives for Pfizer’s $465 million project to add a sterile processing facility to its campus, located at 7000 Portage Road.
The exemption would halve property taxes for 15 years, including three years of construction. That amounts to $32.1 million in forfeited tax revenue.
In turn, Pfizer has agreed to more than triple its workforce during that time, from 200 current employees to at least 650 workers.
“(This is a) tremendous, tremendous project for the city of Portage,” Mayor Patricia Randall said after the 7-0 vote. “We are delighted that (Pfizer is) staying here long-term. I think this is a wonderful, wonderful thing.”
Pfizer’s Portage campus already includes more than 120 buildings.