Thursday, March 17, 2005
Michael Shore, MEDC
Market Study Will Help Village Attract New Businesses, Jobs
"Mackinaw City is looking to parlay its unique strengths as a tourist destination into new investment and growth," Granholm said. "This funding will help the village diversify its already strong seasonal economy to create greater year-round employment opportunities for both current and future residents."
The grant is being made available by the Michigan Economic Development Corporation with funds provided by the federal Community Development Block Grant Program. The village will contribute a match of $14,250 to finance the study.
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.
"Planning studies enable communities to analyze and maximize their assets," MEDC President and CEO Don Jakeway said. "The results will help Mackinaw City address current challenges and inject new dynamism into the local economy."
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.
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 announced the creation or retention of more than 31,464 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.