Wednesday, January 05, 2005
Mike Shore, MEDC
Vantage Plastics Plans $1.1 Million Expansion
Governor Jennifer M. Granholm today announced a $168,362 grant to the city of Standish to support an expansion of Vantage Plastics. The $1.1 million expansion is expected to create 18 new jobs in the city.
"The expansion of Vantage Plastics is another manufacturing success story that shows this industry is gaining ground in Michigan," Granholm said. "The jobs and investment created by this project will have a positive impact on Standish for a long time to come."
The grant is being made available by the Michigan Economic Development Corporation with funds provided by the federal Community Development Block Grant program.
Standish will use the funding for improvements to Franklin Road to accommodate increased truck traffic. Vantage manufactures thermo-form plastic products primarily for the auto industry and currently employs 47 workers in Standish. The city will also contribute approximately $18,707 to support the expansion.
"The City is excited to work with Vantage Plastics on the project," Standish City Manager Tori Kelly said. "The improvements will not only benefit those industries in existence today, but will also provide access for future industrial development in Standish."
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.
"This grant will significantly help the city address the high cost of providing public improvements that directly influence the local economy," MEDC President and CEO Don Jakeway said. "We are happy to support Vantage Plastics' continuing commitment to Michigan and stand ready to assist with its future growth."
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 2004 State of the State address, Governor Granholm announced her plan to make Michigan a global economic powerhouse in the 21st century. In 2004 the Governor and the MEDC announced the creation or retention of more than 54,000 jobs as a result of targeted assistance provided by the MEDC. Overall, during 2004, the Governor announced the creation or retention of some 130,000 jobs by all state agencies.
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.