Thursday, September 29, 2005
Michael Shore, MEDC
$3.1 Million Renovation of Scott Hotel Will Create New Jobs
"This project will help revitalize Hancock's entire downtown and provide a catalyst for future growth and job creation," Granholm said. "The Scott Hotel will once again be able to play an important role in the economic development of the community."
The grant is being made available by the Michigan Economic Development Corporation with funds provided by the federal Community Development Block Grant program.
The city will use the grant to construct a public parking lot and install an elevator to service the building. The first floor of the five-story structure will contain commercial space and those remaining will be converted into residential units for seniors. Only the first floor of the building has been occupied since the early 1960s. Hancock will contribute $17,220 towards the project.
"We appreciate working with the state and the MEDC in a collaborative effort to revitalize one of Hancock's most prominent historic landmarks," City Manager Glen Anderson said. "This project will have a positive effect on the city for years to come."
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 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.
"What a great reuse of this mostly vacant property," MEDC President and CEO James Epolito said. "The funding will make it possible for Hancock to reclaim this building to create jobs and increase economic activity downtown."
In her 2005 State of the State address, 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.