Governor Jennifer M. Granholm today announced $250,000 in Community Development Block Grant funding to support redevelopment of the former Glazier Stove Factory in downtown Chelsea known as the "clock tower." The grant, made available through the Michigan Economic Development Corporation (MEDC), will help fund sewer, water and electrical service to support the mixed-use redevelopment. The project is expected to create 25 new jobs and spur $1.2 million in private investment.
"Chelsea's venerable clock tower has served as the city's symbol for years," Granholm said. "This grant will help make the best use of this distinctive building and bring new business and residents to the city's historic downtown."
In her 2004 State of the State address, Governor Granholm announced a focused seven-point plan to grow Michigan's economy, which highlighted initiatives to spur business growth and create and retain jobs for Michigan workers. So far this year, the Governor and the MEDC have announced the creation or retention of approximately 23,623 jobs as a result of targeted assistance provided by the MEDC.
McKinley Inc. is in the process of renovating the 182,000-square-foot facility into office, retail and residential space. McKinley has already invested approximately $4 million in the multi-phase project.
The city of Chelsea will contribute an additional $60,000 to this phase of the redevelopment. Chelsea was incorporated as a village in 1862 and officially became a city in March, 2004.
"As Michigan's 'newest' city, we're pleased to have an opportunity to help a community-spirited developer in its efforts to expand our downtown and save an important part of our past," said Chelsea Mayor Ann Feeney.
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 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 up to 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.
"This is a great example of what the CDBG program was designed to do," said MEDC President and CEO Don Jakeway. "We appreciate McKinley's continued commitment to downtown Chelsea and the jobs this project will create for the city."
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.