Tuesday, July 12, 2005
Michael Shore, MEDC
Grant to Aid $2.7 Million Expansion of Agritek Industries
Governor Jennifer M. Granholm today announced a $150,000 grant to support public infrastructure improvements needed to establish a new facility for the metal component manufacturer Agritek Industries. The plant will bring 50 new jobs and $2.7 million in private investment to Holland.
"Infrastructure is critical to encouraging economic development projects to take root and grow in our communities," Granholm said. "This plant will create great jobs that will cement Agritek's presence in Holland for years to come."
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.
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.
"Agritek has been named one of the 50 companies to watch in Michigan by the Edward Lowe Foundation," MEDC President and CEO Don Jakeway said. "The fact that this progressive company has chosen to grow in Holland is a testament to the community's continuously improving business climate and talented workforce."
In her 2005 State of the State address, Granholm emphasized the importance of making Michigan a global economic powerhouse in the 21st century. Since January 2005 the Governor and the MEDC announced the creation or retention of more than 53,000 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.