Detroit Takes Next Step Towards $1.6-Billion Fiat Chrysler Plant

Detroit has crossed another hurdle when it comes to a new $1.6-billion Fiat Chrysler Automobile Assembly Plant.

The city has announced it has secured nearly 215 acres for the new facility that will translate into 4,950 new jobs in the Motor City.

According to the release, FCA will give Detroiters first crack at those jobs.

The developing costs for the property, which will be built in East Detroit, will be split between the state of Michigan and the city.

Administration will still have to get the okay for the land and community benefits agreement from city council, according the statement.

That's expected in the coming weeks.

The total cost of the land is estimated at $106-million, with Detroit on the hook for $50.6-million.

Mayor Mike Duggan also announced FCA plans to invest $900-million to retool and modernize its Jefferson North Assembly Plant for a total investment of $2.5 billion and the creation of nearly 5,000 new good-paying jobs in the city.