Tuesday, September 21, 2004
Company to Invest $675,000 in Expansion, Create 34 New Jobs
Governor Jennifer M. Granholm today announced $300,000 in Community Development Block Grant funding to the city of Grayling to support the expansion of D & K Industries and the creation of 34 new jobs. The grant, made available through the Michigan Economic Development Corporation (MEDC), will fund public infrastructure improvements needed for the company's $675,000 expansion.
"This funding will not only create jobs today, it will be a catalyst for future economic growth and revenue for the city," Granholm said. "We want to partner with the local community to attract the business investment and jobs we need in Michigan."
D & K Industries is a rail transfer and warehousing facility located in Grayling's industrial park. The city will use the CDBG funding and more than $34,000 in matching funds to extend and upgrade road, water, sewer and rail services that the company needs to expand.
"Success comes through partnerships," said Grayling Mayor Joe Ferrigan. "The MEDC, the city and private developers worked together to make this possible. These improvements will help our industrial park be more attractive to other businesses."
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.
"This funding directly support's D & K Industries' expansion, but also provides resources that will help other businesses located within the industrial park," said MEDC President and CEO Don Jakeway. "The extension of public utilities will be a selling point to attract additional development opportunities."
In her 2004 State of the State address, Governor Granholm announced her plan to make Michigan a global economic powerhouse in the 21st century. So far this year, the Governor and the MEDC have announced the creation or retention of approximately 29,059 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.