Tuesday, December 07, 2004
Paul Krepps, MEDC
Meridian Automotive to Invest $43 Million, Create 250 Jobs
Governor Jennifer M. Granholm today announced $750,000 in funding to the Village of Fowlerville to support a $43.3 million Meridian Automotive Systems expansion that is expected to create 250 new jobs. The Community Development Block Grant is being made available through the Michigan Economic Development Corporation (MEDC).
"This expansion will secure well-paying jobs in Fowlerville for many years to come," Granholm said. "After the recent announcement of Aisin's decision to build a new automotive proving ground, this expansion shows that Michigan is the epicenter for high-tech auto-related investment."
Fowlerville will use the funding to make public roadway and water service improvements for Meridian's 250,000-square-foot expansion.
Fowlerville will contribute $650,000 in matching funds to help with the public infrastructure costs.
"The village has enthusiastically welcomed Meridian," said Fowlerville Village Manager David Boehm. "We would like to thank the MEDC and the Livingston County EDC for their assistance and financial support for what will be a major industrial expansion."
In September 2004 the MEDC also approved a Single Business Tax credit valued at more than $2.2 million to win the project from a competing site in Ohio.
The MEDC 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 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.
"CDBG grants are a great resource for communities to help finance the public infrastructure needed to attract private investment and jobs," said MEDC President and CEO Don Jakeway. "Fowlerville should be commended for its continued efforts to win these projects and ensure a healthy economic future for its citizens."
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 44,524 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.