Wednesday, April 04, 2001
|FOR IMMEDIATE RELEASE|
April 4, 2001
Contact: Kathleen McMahon
MEDC Assists in Development of Michigan’s Core Communities
More Than $1.8 Million Awarded From the Core Communities Fund to Five Development Projects
The Michigan Economic Development Corporation (MEDC) awarded more than $1.8 million in Core Communities Funds to assist five development projects today.
Funding these projects will generate more than $111 million in private sector investment.The MEDC received 23 proposals for funding requesting more than $60 million.
“Each of these projects chosen for Core Communities Funding will serve as a catalyst to clear the way for important development projects,” said Doug Rothwell, president & CEO of the Michigan Economic Development Corporation. “These projects prove the Core Communities Fund is an effective tool to help revitalize Michigan’s traditional centers of commerce.”
Eighty-eight core communities and those municipalities awarded a SmartZone designation are eligible to apply for Core Communities Funds.Following an extensive evaluation by the MEDC, these five projects were chosen for funding:
- City of Albion ($250,000):This award will help fund the City’s downtown redevelopment.This project will result in the redevelopment of two buildings transforming them into mixed-use developments.The funds will be used for the acquisition of buildings, demolition and construction of a public parking lot.The local contact is Elizabeth Porter, Downtown Development director, 517-629-5510.
- City of Flint($904,000):The City will use the majority of the award to help fund an $8.8 million downtown redevelopment project, spearheaded by the Uptown Reinvestment Corp.The project includes acquiring and renovating several inactive downtown buildings and turning those properties into mixed-use developments.The funds also will be used to relocate key infrastructure at the former Buick City site for United Press Fabricators Group development project.The local contact is William Caya, Downtown Development director, 810-767-2297.
- City of Grand Haven ($250,000):Since the early 1960s, the City has aggressively pursued redevelopment opportunities along the waterfront.This award will be used for the final waterfront redevelopment opportunity west of US-31.The local contact is Ryan Cotton, city manager, 616-847-4888.
- City of Monroe ($150,000):The City will use the award to help fund the realignment of East Front and East First Streets.The realignment will provide a safer intersection of the two streets as well as provide better access to current industrial sites.The funds will be used to construct the new intersection.The local contact is Jim Tischler, Community Development and Planning director, 734-243-0700.
- City of Ypsilanti($250,000):The City will embark on a major redevelopment project along the Huron River.The Water Street Redevelopment Project will result in a 35-acre mixed-use development. The local contact is Megan Gibb, community and economic development director, 734-483-9646.
Established through a $50 million appropriation from the State Legislature, the Core Communities Fund’s goals include:
- Promoting private investment and job creation;
- Encouraging mixed-used development in our central cities;
- Redeveloping or reusing obsolete buildings or non-marketable sites;
- Effectively competing for interstate and international projects;
- Developing Certified Business or Technology Parks; and
- Enhancing the quality of life and strengthening the economic base while reducing urban sprawl.
Core Communities Funding is available for projects in three categories:
- Economic Development:These projects must involve the creation of new, full-time jobs as a result of the improvements or development of a certified business park.
- Community Product Development:These projects are indirectly associated with a private development project and will help create an environment for successful projects and contribute to the community’s quality of life.
- Certified Technology Parks:Funds can be used for communities that have been awarded a SmartZone designation to finance or expedite the zone’s development.
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.