U.S. Department of Commerce invests $4.1 million in DetroitStaff Writer | October 5, 2016
U.S. Assistant Secretary of Commerce for Economic Development Jay Williams announced that Detroit will receive two Economic Development Administration (EDA) grants.
Helping The Detroit Economic Growth Corporation
The Detroit Economic Growth Corporation and the city of Detroit were awarded $910,000 to support the hiring of an Economic Recovery Coordination Team that will undertake an ambitious project to reindustrialize the city of Detroit. The team will manage and execute all elements of the reindustrialization efforts in the city. T
he primary elements of the project include industrial and logistics business attraction; and identification and preparation of industrial sites, districts and areas. The increased staffing capacity will help the city to accomplish its goal of creating 5,000 new jobs for Detroiters during the next five years.
The city of Detroit, Economic Development Corporation of the city of Detroit, and the Detroit Economic Growth Association have partnered together and successfully secured a $3,197,160 EDA investment that will support the redevelopment and expansion of Georgia Street.
The proposed project is part of the city’s efforts to bring automotive manufacturing back to Detroit. The project is a key initiative to support the I-94 Industrial Corridor Redevelopment Project.
According to grantee estimates, the EDA investment will result in the immediate creation of more than 600 new jobs and $120 million in private investment. The project will be a catalyst in fostering future good paying job opportunities for the citizens of Detroit. ■