Tuesday, December 07, 2004
Paul Krepps, MEDC
Monroe Bank & Trust Plans Downtown Expansion
Governor Jennifer M. Granholm today announced $400,000 in funding to help support a revitalization project in downtown Monroe. The grant will help fund an $8 million expansion of Monroe Bank & Trust's downtown facility and will create 40 new jobs. The grant was awarded to Monroe County on behalf of the City of Monroe. The Community Development Block Grant is made available through the Michigan Economic Development Corporation (MEDC).
"This expansion will bring additional jobs to the city and help a respected business grow," Granholm said. "Monroe Bank & Trust and the City of Monroe will benefit greatly from this expansion, and we are happy to support them with this funding."
The city of Monroe will use the funding to relocate overhead utilities, improve the streetscape, upgrade public parking availability and to facilitate the construction of a 42,000-square-foot building directly across the street from the bank's historic headquarters on land now used for parking.
Monroe County will contribute $400,000 in matching funds to the project.
"It is a privilege to be a part of the collaborative effort that is helping Monroe Bank & Trust invest and expand downtown," Monroe Mayor John Iacoangeli said.
The MEDC awards 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.
"This funding will make it possible for Monroe Bank & Trust to enhance its presence in the city's center," said MEDC President and CEO Don Jakeway. "We appreciate the bank's new investment and the jobs that will be created as a result."
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 44,524 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.