Friday, December 02, 2005
Michael Shore, MEDC
Grant to Facilitate Street Improvements, $3.2 Million Expansion
"This grant will create jobs downtown, improve infrastructure that will benefit nearby businesses, and spur additional investment in Gaylord's central business district," Granholm said.
The grant is being made available by the Michigan Economic Development Corporation with funds provided by the federal Community Development Block Grant program.
The city will use the grant to make streetscape improvements including curbs, gutters, paving, sidewalks and replace municipal water and sewer mains to accommodate the expansion. The city will contribute $776,210 towards the project.
Independent Bank is a full-service, publicly traded commercial bank providing checking and savings accounts, commercial mortgage lending, direct and indirect consumer financing, insurance and safe deposit box services.
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.
"CDBG funding is a great resource for helping smaller communities address critical infrastructure needs," MEDC President and CEO James Epolito said. "Downtown Gaylord and its citizens will benefit from this project and the jobs that it will create for many years to come."
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 63,000 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. For more information on MEDC initiatives and programs, visit the Web site at www.michigan.org.