Wednesday, October 20, 2004
Market Study Expected to Spur Economic Development
Governor Jennifer M. Granholm today announced $15,000 in Community Development Block Grant funding for a marketing analysis and planning study to spur downtown investment and job creation in the city of Iron Mountain. The grant is being made available through the Michigan Economic Development Corporation (MEDC).
"Planning is vital to maintaining a viable business district that can serve the economic needs of its citizens now and throughout the 21st century," Granholm said. "This market study will arm Iron Mountain with the latest data and trends to determine which businesses or industries would be best to pursue for long-term success."
Iron Mountain will contribute $15,000 to the project.
"Iron Mountain is the portal to the Upper Peninsula," Mayor Ken Tousignant said. "This study and accompanying strategies will help the city to become a destination. We need to take advantage of our position to become a commercial hub. When the analysis is complete, we will have the necessary data to be successful."
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.
"Market studies are very useful in helping communities target their efforts to attract investment and jobs," said MEDC President and CEO Don Jakeway. "These innovative studies are not free. CDBG helps cash-strapped local governments to manage the cost."
In her 2004 State of the State address, Governor Granholm announced her plan to make 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 30,872 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.