Tuesday, October 04, 2005
Michael Shore, MEDC
$250,000 Grant will Create New Economic Opportunities
Governor Jennifer M. Granholm today announced a $250,000 grant to Bay City to support a downtown revitalization project that will spur new development along the Saginaw River. The grant is being made available by the Michigan Economic Development Corporation through the Core Communities Fund to encourage development in urban communities.
"Michigan's core communities are the economic backbone of our state," Granholm said. "Support for the ongoing development of cities like Bay City will bring more businesses and more good-paying jobs to Michigan."
The Uptown at RiversEdge project, consisting of 48-acres of waterfront property, will transform a former industrial site along the Saginaw River into a unique mix of residential and commercial uses that will create a vibrant and exciting new neighborhood in Bay City. The city will use the grant to construct a new roadway that will serve as the gateway into the site and install water and storm sewers, lighting and additional streetscaping along the first block of 11th Street Boulevard between Washington Avenue and Saginaw Street.
"This grant provides critical early funding for the first phase of redevelopment of this site," Bay City Mayor Robert J. Katt said. "We are grateful for the MEDC's and Governor's support of this important project."
Bay City is among 102 designated core communities and SmartZones eligible for the funding. The Core Communities Fund was established to:
Promote private investment and job creation;
Encourage mixed-use development in our central cities;
Redevelop and reuse obsolete buildings or other problem sites;
Compete for interstate and international projects;
Develop Certified Business or Technology Parks; and,
Reduce urban sprawl.
In addition to the Bay City project, the governor also announced today a $250,000 Core Communities grant that will help enable Lake Michigan College to install a clean room facility at its M-TEC center in Benton Harbor.
"Core Community funding is a great tool for Michigan's cities," MEDC President and CEO James Epolito said. "These grants help spur new growth, new jobs and new opportunities to Michigan's traditional commerce centers."
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.