Michigan Puts $45 Million on Table Trying to Keep K-Mart

After all is said and done, Michigan's Governor says let's make a bid to keep the big K's headquarters.

The Michigan Economic Development Corp. spelled out its offer in an undated six-page proposal. Chief among the incentives is up to $44.7 million over 10 years from the Michigan Economic Growth Authority Job Creation tax credit.

The incentive package is based on Kmart keeping 1,500 jobs in Michigan with an average annual salary of $70,000. Kmart would have to maintain that job level for 10 years to get the annual tax credit.

Is it worth it? The big K is slipping in the market, and does not appear to have a real strategy to best Target or Wal-Mart. I understand 1,700 good-paying jobs, but can K-Mart live up to its job promise for the incentives. Maybe not.

More here.