Friday, November 25, 2005
Michael Shore, MEDC
Downtown Planning Grant to Chart Future Growth
The Michigan Economic Development Corporation today announced a $15,000 grant to Traverse City to help finance a comprehensive market study of the city's downtown. The study will be used as a basis for planning to attract jobs, investment and residents downtown.
"Performing a market study is a good way for a community to identify its economic strengths and weaknesses," MEDC President and CEO James Epolito said. "Traverse City has its own unique features that will determine what type of investment should be targeted to assure healthy economic growth."
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 $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.
"This market study is a valuable tool for Traverse City," City Manager Richard Lewis said. "Our downtown has gained in popularity and the facts and figures acquired from this study will guide the city in future retail, office and residential developments."
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.
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