Wednesday, October 20, 2004
Grant Will Support $4 Million Downtown Redevelopment
Governor Jennifer M. Granholm today announced $591,120 in Community Development Block Grant funding to support a downtown redevelopment project in the village of Spring Lake. The grant, made available through the Michigan Economic Development Corporation (MEDC), is expected to lead to more than $4 million in private investment.
"Maintaining economically vibrant downtowns of all sizes is at the center of the Cool Cities initiative in Michigan," Granholm said. "This CDBG funding will provide the resources necessary to help revitalize this underutilized property creating commercial and job opportunities in the heart of Spring Lake."
The village will use the funding to make streetscape improvements including new streetlights and sidewalks to facilitate the redevelopment of 11 underutilized acres in downtown Spring Lake into new office and commercial space. Redstone Development will lead the redevelopment.
Spring Lake will contribute $50,000 to the project.
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.
"Many downtown development projects would not happen without CDBG funding," said MEDC President and CEO Don Jakeway. "The grants help communities with the cost of revitalization and pave the way for new jobs and investment."
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 30,872 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.