Thursday, March 17, 2005
Michael Shore, MEDC
Planning Study Will Help Attract Investment, Jobs
Governor Jennifer M. Granholm today announced that $50,000 in community development funding has been awarded to Lenawee County for a countywide planning study that will spur job creation projects. The results will help boost economic development in the Ohio-border county, home to the Irish Hills area, Michigan International Speedway and Hidden Lakes Gardens.
"Lenawee County's long-term economic vision will pay big dividends for businesses and residents," Granholm said. "We want to help diversify the county's economy and lead to new growth, new jobs and a high quality of life."
The grant is being made available by the Michigan Economic Development Corporation with funds provided by the federal Community Development Block Grant Program. The county will contribute an additional $50,000 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.
"These planning studies help communities prioritize and chart a course for the future," MEDC President and CEO Don Jakeway said. "The results will help Lenawee County attract investment and create new jobs for years to come."
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, and specifically addressed the need to grow Michigan's alternative energy industry. Since January 2005 the Governor and the MEDC have 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.