April 16, 2004
April 16, 2004
Governor Jennifer M. Granholm today announced $185,000 in Community Development Block Grant funding that will lead to the creation of 60 jobs for the city of Owosso. Two grants, made available through the Michigan Economic Development Corporation (MEDC), will assist with the expansion of two businesses and the redevelopment of a downtown building. The projects are expected to spur more than $1 million in private investment.
“These diverse projects will attract investment and jobs to downtown Owosso,” Granholm said. “Fueling continued growth in our downtowns is essential to Michigan’s continued economic growth.”
In her 2004 State of the State address, Governor Granholm announced a focused seven-point plan for economic growth. So far this year, the Governor and the MEDC have announced the creation or retention of approximately 5,358 jobs as a result of targeted assistance provided by the MEDC.
The city of Owosso will use a $125,000 grant to make road improvements at the corner of M-21 and Chestnut to accommodate the expansions of Midwest Bus Corporation, a rebuilder of passenger buses, and Davis Cartage. Midwest Bus plans to add 30 jobs while Davis expects to add 20 new trucking and delivery jobs.
An additional $60,000 will facilitate redevelopment of the historic Wesener Building, with installation of a barrier-free elevator to allow public access to the second and third floors. The developer plans to invest $125,804 to create a mixed use facility, creating 10 jobs.
The city of Owosso and Owosso Township contributed a local match of $66,000 to the projects.
“This is great news for Owosso,” said Don Jakeway, president and CEO of the MEDC. “The additional jobs, retail, commercial and residential space are all part of the formula for maintaining and growing a vibrant downtown.”
The Michigan Economic Development Corporation administers the state’s block grant program with funds received from the U.S. Department of Housing and Urban Development. These funds are used to provide grants to eligible counties, cities, villages and townships—typically those with populations less than 50,000—for economic development, community development and housing projects.
Each year, Michigan receives approximately $50 million in federal block grant funds. There are 1,655 local governments within the state eligible to apply for these funds.
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. For more information on MEDC initiatives and programs, visit the Web site at www.michigan.org .
