JEFFERSON CITY - At a signing ceremony at the UAW Hall in Hazelwood, the governor today signed into law legislation sponsored by Sen. John Loudon, R-West St. Louis County, aimed at saving thousands of Missouri jobs. Senate Bill 620 will make changes to Missouri's tax laws in an effort to provide incentives for the Ford Assembly Plant to remain in Hazelwood.

"This is among the most important bills the General Assembly passed this year, and it's certainly the most important for the St. Louis region," said Loudon. "Even with these changes, no one is guaranteeing that Ford will stay, but without them Ford would definitely be leaving. This bill gives negotiators some important tools to work with."

SB 620 will amend current laws related to the BUILD Program incentives, the Enterprise Zone Program, and the Community College New Jobs Training Program. The Missouri Department of Economic Development will create a new Enterprise Zone designation that includes the Ford plant site.

For their part, Ford will be expected to reinvest $500 million over a five-year period and commit to keeping the jobs in Missouri for a period of time.

"It's important to Missouri that Ford remain in Hazelwood, but we also want Ford to make a commitment to our state," Loudon said. "This isn't just a corporate give-away plan."

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, over the next several years.

In March of that year, Gov. Bob Holden appointed a 22-member task force made up of community leaders, politicians and business people to develop a plan to encourage Ford to keep the Hazelwood plant open. Many of the recommendations of this task force are included in SB 620.

"If Ford pulls out of Hazelwood it will be bad for St. Louis, but it will also leave a serious hole in Missouri's economy," said Loudon.

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.

SB620 contains an emergency clause, which means it became law as soon as the governor signed it.

"From the very beginning saving the Ford plant has been a bipartisan effort," Loudon said. "Both parties worked closely with community leaders to retain an industry that is crucial to our state's economy. The repercussions of losing the Ford plant would be felt statewide for many years to come."