Missouri State Gov to Pass Economic Incentives for Ford Motor Co. (NYSE: F)

Missouri Governor Jay Nixon says that he’s optimistic that the state’s general assembly will approve incentives designed to help boost the state’s automotive industry, including Ford Motor Co. (NYSE: F).

Nixon told reporters on Thursday that initial meetings with legislative leaders earlier in the day had resulted in a “broad consensus and commitment to get this done in a timely fashion.”

“I expect that by the time the members get there next week, over the next seven to 10 days, in a cost-effective way, we’re going to get this measure to my desk and put us in a competitive advantage in keeping the jobs we have and getting the jobs of the future,” he said.

Thursday was the first day of Missouri’s special legislative session, which Nixon had called after lawmakers had failed to pass the Automotive Manufacturing Jobs Act during the regular session.  The bill would allow manufacturers and suppliers to bring on new production lines while retaining state withholding taxes.

Nixon said the incentives will be critical in keeping plants such as Ford Motor Co. (NYSE: F)’s Claycomo Assembly Plant from moving production elsewhere, as well as preserving a network of suppliers and related business around the state.

According to a report from the St. Louis Business Journal, “A newsletter posted on the website of United Auto Workers Local 249 after the incentive bill failed said Ford planned to move production of the Escape SUV to a plant in Louisville, Ky.” Ford declined to comment on the report.

Nixxon said that the incentives, if approved, would only be provided after the manufacturer created the new jobs and help offset the cost of buying and installing new production lines.

“The bottom line is, the cars of the future — the American cars of the future — are going to be built somewhere; we want them to continue to be built at Claycomo Ford right here in the Kansas City area,” he said.