Thursday, September 29, 2005
Michael Shore, MEDC
$27,500 to Help City Determine Use of Cobbs & Mitchell Building
The Michigan Economic Development Corporation today announced a $27,500 grant to the city of Cadillac for a feasibility and area-wide market study to determine the best use of the historic Cobbs & Mitchell building in downtown Cadillac. The MEDC is making the grant available with funds provided by the federal Community Development Block Grant program.
"This study is a proactive approach by city leaders that will bring investment and jobs to the downtown," MEDC President and CEO James Epolito said. "It will also help the community draft a long-term development plan for future growth."
The city will conduct an area market study and evaluate the building to determine the market demand and physical improvements necessary to attract future tenants. The building is currently occupied but will be vacant within a year.
"The Cobbs & Mitchell Building sits at the south gateway to Cadillac's central business district," Cadillac Mayor Ron Blanchard said. "In addition, it is perhaps the most historic structure in the city, making its marketability and reuse absolutely critical to the long-term health of downtown. We're pleased to have MEDC as an integral partner in this initiative."
The MEDC 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 $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, Governor Jennifer M. 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 61,000 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.