Director Michael Bay's "Transformers 5" will shoot this summer in Detroit, the Michigan Film & Digital Media Office announced today.

The news comes as a result of a restructured incentive agreement with Paramount Pictures that will save the state $21 million.

The big-budget sequel is expected to inject $80 million into the Michigan economy and hire 850 cast and crew members, 450 of which will be state residents. In addition, about 700 extras will be needed.

This will mark a return to Michigan for the franchise: 2014's "Transformers: Age of Extinction," 2011's "Transformers: Dark of the Moon" and 2007's "Transformers" were shot, in part, in and around Detroit. Naturally, the sequel will also film in other locations around the world.

The Michigan legislature eliminated the film office incentive program last summer, meaning the state can no longer into into new agreements. However, the Michigan Film & Digital Media Office was able to reallocate incentives from other approved Paramount projects into a single deal for "Transformers 5."

Starring Mark Wahlberg, who will reprise his role as Cade Yeager from "Age of Extinction," "Transformers 5" is set for release June 23, 2017.