Tuesday, August 29, 2006
Michael Shore, MEDC
MEDC Grant Secures $10 Million Investment, 70 New Jobs
Governor Jennifer M. Granholm today announced a $330,784 grant to the city of Frankenmuth to support a 47,000-square-foot expansion of the Frankenmuth Mutual Insurance corporate headquarters. The company is investing $10 million in the project, which is expected to create 70 new jobs. A Michigan Economic Development Corporation (MEDC) representative presented a ceremonial check to city officials at a celebration event this morning.
The grant is being made available by the MEDC with funds provided by the federal Community Development Block Grant program. It will be used to upgrade a wastewater lift station and the force main serving the wastewater system. The city will contribute $323,284 to the project.
Frankenmuth Mutual is a property and casualty insurance company with more than 500 employees and currently represented by over 350 independent agencies. Frankenmuth Mutual Chairman and CEO Gerald L. Stanton thanked Mr. Epolito and the MEDC for the grant that will benefit the community for many years to come.
The MEDC is able to award approximately $40 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 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. For more information on MEDC initiatives and programs, visit the Web site at www.michigan.org.
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