Tuesday, July 27, 2004
Paul Krepps, MEDC
Governor Jennifer M. Granholm today announced more than $1.2 million in Community Development Block Grant (CDBG) funding that will lead to the creation of 66 new jobs and spur nearly $2.6 million in private investment in Buena Vista Charter Township, Hillman, Menominee and Morenci. The grants, made available through the Michigan Economic Development Corporation (MEDC), will be used for infrastructure improvements and economic development planning activities.
"The economic health of our communities is essential to the economic vitality of the entire state," Granholm said. "We must do all we can to support successful development projects in our central business districts. Michigan's ongoing prosperity depends on it."
In her 2004 State of the State address, Governor Granholm announced a seven-point plan for making Michigan a global economic powerhouse in the 21st century. So far this year, the Governor and the MEDC have announced the creation or retention of approximately 23,598 jobs as a result of targeted assistance provided by the MEDC.
The following projects were announced today:
The village of Hillman will use a $600,000 grant to support the expansion of Precision Millworks Inc. The grant will fund water and sewer improvements necessary to facilitate the company's expansion into a tax-free Agricultural Renaissance Zone within the Hillman Industrial Park. The company processes locally harvested timber into high quality products such as architectural molding and flooring. The project is expected to create more than $2 million in private investment and 30 new jobs. The city will contribute an additional $154,871 toward the project.
The city of Menominee will use a $74,700 grant to support the relocation and expansion of FNT Industries into the Menominee Industrial Park. A leader in the production of custom-made fish net products, the company has been operating in Menominee since 1953. The grant will help fund sewer and streetscape improvements to facilitate the expansion. The city will contribute an additional $8,300 to the project which is expected to spur more than $550,000 in private investment and create six new jobs.
The city of Morenci will use a $225,630 grant to fund the infrastructure necessary to extend a street and construct a parking lot to attract additional investment and jobs to the downtown. The city will contribute an additional $83,000 toward the project which will include the relocation of utilities to service the extension of Locust Street, improvements to Mill Street and the construction of a public parking lot.
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.
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.