Almost two years ago, Ford Motor Company chose Tennessee for an $11.4 billion investment called BlueOval Battery Park – snubbing its home state of Michigan.

And it stung.

“I’m always looking to make Michigan more competitive and always eager to put solutions on the table, but we need a real opportunity to do that,” Gov. Gretchen Whitmer said at the time. “And that really wasn’t the case here.”

In response, Michigan lawmakers fast-tracked legislation at the end of 2021 to pour $1 billion into a fund that would attract big business investments. The Strategic Outreach Attraction Reserve, or SOAR, has since ballooned into a total $2 billion as state lawmakers have green lit three additional deposits into the fund.

SOAR dollars are awarded by the Michigan Strategic Fund before being kicked back to the House and Senate Appropriations Committees for final approval. Nearly three-quarters of the fund has been spent in the past year and a half, bankrolling projects from General Motors, Ford Motor Company and startup Our Next Energy among others.

It’s become a key tool as Michigan competes in a high stakes race for electric vehicle investments where thousands of jobs are on the line. But these jobs also come at a high taxpayer cost in what watchdog group Good Jobs First has called the biggest “megadeal spending spree” in U.S. history.

Here’s a timeline of the SOAR deposits:

Dec. 20, 2021 – $1 billion

In December 2021, Michigan lawmakers approved creating the $1 billion SOAR fund to offer incentives for businesses interested building new manufacturing or commercial sites in the state.

Whitmer, when signing the legislation, said the business community had historically viewed Michigan as lacking in incentives, unwilling to compete with other states and politically dysfunctional.

“We have put that whole narrative behind us and are moving forward together,” she said.

Whitmer: $1B incentive package proves Michigan can compete for business

Sept. 28, 2022 – $846.1 million

After three projects drained the SOAR fund last year, lawmakers OK’d another large deposit.

A supplemental bill earmarked $846.1 million for the economic development fund. This move prompted Rep. Thomas Albert, R-Lowell, to resign from his post as chair of the House Appropriations Committee while calling the bill “reckless and irresponsible to taxpayers.”

House, Senate OK’s $1B deposit into Michigan’s economic development fund

Jan. 31, 2023 – $150 million

Gov. Gretchen Whitmer signed a bill on Jan. 31 that allocated another $150 million into the cash-strapped fund.

Upper Peninsula paper mill gets $200M under $1.1B spending bill OK’d by Michigan legislature

March 8, 2023 – $170.3 million

A $1.3 billion spending bill passed by lawmakers in March included $170.3 million for future SOAR projects.

That bill separately included $630 million for a Ford battery plant that was already awarded a $210 million grant (using SOAR monies), a tax break valued at $774 million and a $36 million loan to the Marshall Area Economic Development Alliance.

House sends $1.3B spending bill to Whitmer; $630M going to Ford battery plant

In total, the SOAR deposits have added up to $2,166,400,000 since the fund was created.

But as soon as money goes in, withdrawals pull funding out. Here’s how the SOAR dollars have been directed so far:

SOAR Spending: March 9, 2022 – $666.1 million

Only a few weeks after Michigan created the SOAR fund, two-thirds of it totaling $666.1 million was awarded to General Motors. In January 2022, the Detroit automaker announced plans to invest $7 billion and create 4,000 jobs across four manufacturing sites in Michigan.

The House and Senate Appropriations Committees approved the transfer on March 9.

Boosted by state incentives, General Motors making $7B investment in Michigan, creating 4,000 jobs

July 21, 2022 – $100.8 million

Ford announced a $2 billion investment last June will be scattered across three assembly Michigan plants and a Monroe customer service facility. The Dearborn automaker expects to create 3,200 union jobs with the investment.

Michigan awarded Ford a $100.8 million state grant from the SOAR fund to support the projects in addition to a $34.4 million tax incentive.

Ford’s $2 billion investment will bring 3,200 jobs to Michigan

Sept. 20, 2022 – $27 million

In September, lawmakers approved giving a $27 million grant to Hemlock Semiconductor, the nation’s leading manufacturer of hyper-pure polysilicon used in the semiconductor and solar industries.

The funding supported $375 million in investments for Michigan while creating up to 170 new jobs in Thomas Township.

Hemlock Semiconductor breaks ground on $375 million expansion project in Saginaw County

Hemlock Semiconductor could see $27M transfer from state for expanded operations

Dec. 7, 2022 – $60 million

A $187 million investment in the Muskegon County sewer main was awarded a $60 million grant last year with SOAR dollars.

Two agricultural businesses, Swanson Pickle and Fairlife, are expected to hook into the pipe called the Southeast Regional Force Main. This new sewer main will relieve Coopersville’s wastewater system and allow for business expansion. It will also provide the Ottawa County town a boost in tax revenue and employment opportunities.

$60M grant for new sewer main expected to trigger $187 million growth in West Michigan agribusiness

April 13, 2023 – $200 million

In April, lawmakers gave the final approval on SOAR funding to several large projects.

Our Next Energy was awarded a $200 million grant to support a $1.7 billion electric vehicle battery gigafactory in Wayne County. The startup headquartered in Novi plans to develop a “state-of-the-art” factory creating 2,112 jobs.

Michigan startup investing $1.6B in EV battery gigafactory, creating 2,112 jobs

April 13, 2023 – $210 million

Ford plans to build a $3.5 billion electric vehicle battery plant creating 2,500 jobs in the Southwest Michigan town of Marshall.

Lawmakers approved giving Ford a $210 million grant during an April committee meeting.

The grant is part of a significant $1.7 billion incentive package that also includes a tax break valued at $774 million and $630 million of state dollars for site prep. Another $120.3 million of SOAR funding was approved by the House Appropriations Committee last week.

This investment has faced pushback with some residents saying it could harm the natural landscape and destroy historic farmsteads on the property. A lawsuit was recently filed against the city of Marshall to halt the project.

Ford’s $3.5B plant bringing jobs – and disappointment – for Marshall residents

April 20, 2023 – $175 million

Michigan awarded $175 million to an electric vehicle battery parts plant that’s shadowed by controversy.

Gotion Inc, a U.S.-owned subsidiary of a Chinese company, plans to build a $2.4 billion plant and create 2,350 jobs in Mecosta County.

Opponents have raised concerns about Gotion’s ties to China and its possible environmental impact on nearby farmland. The project will move forward after the U.S. Department of Treasury’s Committee on Foreign Investment – an agency tasked with assessing national security risks – determined last month the project is outside its jurisdiction.

Tensions with China overshadow rural Michigan battery plant

June 28, 2023 – $250 million

The Michigan House and Senate Appropriations committees last week approved transferring $250 million from SOAR to a site ready program.

This includes $25 million for grants to be used for site assessments, $150 million for improvements to strategic sites and $75 million to the development for mega sites.

None of this funding has been awarded to specific businesses or organizations yet.

More on MLive:

See where billon-dollar electric vehicle projects are landing in Michigan

Michigan predicted to “dominate” EV battery manufacturing after $2B investment

At $16B, Michigan top state for electric vehicle investments

Michigan won 5 big electric vehicle projects this year – at a $2B taxpayer cost