Wednesday, October 06, 1999
Total Partners Reach 33The Michigan Economic Development Corporation's Executive Committee reviewed and accepted the applications of eight economic development corporations. The eight joined the 25 who have already signed the Interlocal Agreement forming the corporation. The new signatories include Clinton County, Clinton Township, Genesee County, the city of Sturgis, and the city of Wyoming economic development corporations, along with the economic development corporation's of the city of Detroit, the city of Farmington Hills, and Manistee County. "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 giving 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 Michigan Strategic Fund (MSF) 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 by the MSF 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.