Tuesday, July 12, 2005
Michael Shore, MEDC
Building Rehab Will Attract New Businesses, Jobs
"This funding will spur continued economic growth and new jobs in the community," Granholm said. "I applaud village leaders and Main Street Calumet for continuing to invest in downtown Calumet."
The grant is being made available by the Michigan Economic Development Corporation with funds provided by the federal Community Development Block Grant program.
Main Street Calumet, a non-profit business that manages downtown Calumet through organization, design, economic restructuring and promotion, will purchase the building from River Valley Bank for $400,000. The bank in turn will give $300,000 back to Main Street Calumet to be used as a revolving loan fund for downtown businesses. Calumet will use the block grant for installation of an elevator allowing public access to the second floor for commercial use. Main Street Calumet will invest a total of $151,900 in the project, and the village will contribute an additional $50,000.
"Thanks to the cooperative efforts of River Valley State Bank and MEDC, Main Street Calumet has been awarded the opportunity to take a seriously underutilized downtown building and re-establish it as the preeminent professional building as it was originally intended," Executive Director of Main Street Calumet Tom Tikkanen, said. "This is Main Street Calumet's largest community initiated development project thus far and allows us to demonstrate the principle of economic revitalization through historic preservation."
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.
"Michigan's downtowns are a snapshot of the economy of the entire state," MEDC President and CEO Don Jakeway said. "This grant will help Calumet make its central business district more attractive and accessible to new businesses, residents and visitors."
The MEDC is able to award 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.
Michigan Main Street, a downtown revitalization program administered by the MEDC, is part of Governor Granholm's Cool Cities initiative. Main Street offers intensive, year-round training in strategies designed to create more jobs and investment in local downtowns.
In her 2005 State of the State address, Granholm emphasized the importance of making Michigan a global economic powerhouse in the 21st century. Since January 2005 the Governor and the MEDC have announced the creation or retention of more than 53,000 jobs as a result of targeted assistance provided by the MEDC.
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.