Tuesday, July 27, 2004
Paul Krepps, MEDC
Grants Back Company Expansion, Market Study, 30 New Jobs
Governor Jennifer M. Granholm today announced $319,000 in Community Development Block Grant funding that will lead to the creation of at least 30 jobs in Buena Vista Charter Township. One of the grants made available through the Michigan Economic Development Corporation (MEDC) will help finance the expansion of Fast Tek Group, LLC and a second will support a township-wide market study to bring more jobs and investment to the area.
"We are helping to finance immediate infrastructure needs to foster job creation, and also providing resources for proactive market studies to help communities plan for the future," Granholm said. "These are excellent examples of the differing ways we can use CDBG funds to spur local economic development."
In her 2004 State of the State address, Governor Granholm announced a focused seven-point plan for economic growth. So far this year, the Governor and the MEDC have announced the creation or retention of approximately 23,598 jobs as a result of targeted assistance provided by the MEDC.
The township will use $304,000 to help reconstruct a public road to facilitate the expansion of Fast Tek. The company provides inspection, sorting, containment and certification services for manufacturers of automotive components. The project is expected to create 30 new jobs.
The additional $15,000 will be used for a market study to assess the economic strengths and weaknesses of the area and formulate a long-term economic development plan designed to create jobs and investment.
Buena Vista Charter Township will contribute $51,000 in matching funds.
"This announcement comes at a critical time for Buena Vista Charter Township and we are grateful to the Governor and the MEDC," said Township Supervisor Dwayne A. Parker. "The creation of 30 new jobs can only make us stronger in this global economy and the market study is the board's first step in revitalizing our M-46 and I-75 downtown district."
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 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.
"The MEDC is glad to see Fast Tek prospering, continuing its commitment to Michigan and its workforce, and partnering with Buena Vista Charter Township," said MEDC President and CEO Don Jakeway. "The township is to be commended for seeking funding for these important economic development projects."
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.