Thursday, February 03, 2005
Michael Shore, MEDC
Downtown Projects Highlight List of 'Cool' Developments
"Michigan's economic success is tied to the success of its smaller towns and cities," Granholm said. "Each of these communities is unique, and these grants will leverage their individual strengths for continued growth and community benefit."
The grants are being made available by the Michigan Economic Development Corporation with funds provided by the federal Community Development Block Grant Program.
In her 2004 State of the State address, Governor Granholm announced her plan to make Michigan a global economic powerhouse in the 21st century. Last year more than 130,000 jobs were created or retained by state agencies overall, 54,000 of them as a result of targeted assistance provided by the MEDC.
The following projects were announced today:
The village of Calumet will use a $262,845 grant to make road, streetscape and sidewalk improvements on the 600 block of Oak Street for a new southwestern-style restaurant. The project is expected to create 20 new jobs. The developers plan to invest $270,000 to renovate a downtown building for the new business. The village will contribute an additional $30,000 for the project.
The city of Clare will use a $30,000 grant for a downtown market study to identify the current and future business cluster mix. The results will help the city determine an action plan to increase year-round tourism.
The city of White Cloud will use a $351,000 grant to reconstruct and enlarge a downtown public parking lot at the corner of Wilcox and Gibbs Streets. The project is expected to attract new visitors and investment. The city will contribute an additional $39,000.
The Michigan Economic Development Corporation administers the state's Community Development Block Grant funds received from the U.S. Department of Housing and Urban Development. These funds are used to provide grants and loans to eligible counties, cities, villages and townships-typically those with populations less than 50,000-for economic development, community development and housing projects. Larger communities receive block grant funds directly from the federal government.
The MEDC is able to award up to approximately $50 million in federal CDBG funds each year. There are 1,655 local governments within the state eligible to apply for these funds. Projects are approved contingent upon compliance with state and federal requirements. Grants are made available to the communities upon the submission of completed applications for the funding.
The Michigan Economic Development Corporation, a partnership between the state and local communities, promotes smart economic growth by developing strategies and providing services to create and retain good jobs and a high quality of life.