Friday, January 16, 1998
Governor John Engler announced today that the City of Reading will receive a $382,100 loan from the state. The loan will be used for the construction of infrastructure improvements and expansion of the 60-acre Reading Industrial Park. A credit of $10,000 per job created can be used to repay up to 50 percent of the project amount. The City of Reading anticipates that the project will create four to seven new industrial sites with a potential for 60 new jobs. The improvements will include street construction, installation of water mains, and the installation of sanitary and storm sewers."By improving the quality of infrastructure, the City of Reading will have the tools it needs to attract more businesses, which will create more jobs for their community," said Governor Engler. "Taking advantage of these funds will help Reading be ready to compete in the global economy of the 21st century."Funding for this loan comes from the Michigan Renaissance Fund. The Renaissance Fund makes loans to communities to finance land acquisition, rehabilitation costs, and infrastructure or public facility costs associated with a prospective business and industrial park or other project that readies a community for development. The Michigan Jobs Commission, which administers the Michigan Renaissance Fund, works in partnership with local communities and Michigan businesses to retain and expand job opportunities and improve Michigan's overall business climate.