Tuesday, July 12, 2005
Michael Shore, MEDC
Strategic Plan Will Pave Way for New Businesses, Jobs
Governor Jennifer M. Granholm today announced a $20,000 grant to the city of Albion to support downtown revitalization. Albion, listed as a "Superior Street Commercial District" in the National Register of Historic Places, will use the grant to develop a marketing and recruiting plan aimed at strengthening the local economy.
"A strong, vibrant downtown is vital to Albion's economic health," Granholm said. "This funding will help turn this historic downtown into a magnet that draws investment, residents and jobs to Albion."
The grant is being made available by the Michigan Economic Development Corporation with funds provided by the federal Community Development Block Grant program. The Albion Downtown Development Authority and the Albion Community Foundation will contribute $5,000 and $15,000, respectively, in matching funds to develop and implement the plan.
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.
"Marketing and recruiting plans like this are great tools to help communities draw on their assets and maximize their strengths," MEDC President and CEO Don Jakeway said. "The results will help Albion overcome current challenges and spark new economic energy in its historic downtown."
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 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 have 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.