Monday, January 24, 2000
The Michigan Economic Development Corporation's Executive Committee reviewed and accepted the applications of three economic development corporations Friday. The three join the 33 who have already signed the Interlocal Agreement forming the corporation. The new signatories include the Economic Development Corporation of Lansing, Kalamazoo County Economic Development Corporation and the Economic Development Corporation of the County of Isabella."This is an overwhelming show of support for our new corporation," said Doug Rothwell, president and CEO of the Michigan Economic Development Corporation. "The Interlocal Agreement allows us to work in concert with these groups to promote economic growth in their respective areas, as well as gives us a stronger base to build our development programs for the state."Signing the Interlocal Agreement formalizes a partnership for economic development that already exists between state and local units of government. The Interlocal Agreement is an agreement authorized under the Urban Cooperation Act of 1967. The Act allows the state and local economic development organizations to join together to create the Michigan Economic Development Corporation, thereby further enhancing common economic development programs and functions. The initial term of the Agreement is ten years and may be renewed for two additional five-year terms. Local economic development corporations are not required to pay to become a signatory to the Interlocal Agreement and can sign on to the agreement at any time, pending the approval of the corporation's executive committee, a 17-member group appointed by the Governor.