By Sherri Begin Welch – On www.crainsdetroit.com
The New Economy Initiative for Southeast Michigan today announced $3 million in new grants to support collaborative efforts to help shift the region to a new economy.
The largest grant of $2.5 million grant over two years to the Detroit Economic Growth Association will provide start-up financing for creative businesses located in the greater downtown area through the new Creative Corridor Incentive Fund.
The grant will support the redevelopment of up to 125,000 square feet of creative business real estate and is expected to create approximately 400 new jobs over the next three to five years. DEGC will work with the Detroit Investment Fund and others on the effort, NEI said in a release.
Other grants were:
- Another $200,000 over two years to the Detroit Economic Growth Association to fund an Alternative and Renewable Energy Economic Development Initiative for Detroit, in partnership with DTE Energy Co.
- $202,500 to Michigan State University to support an assessment of Southeast Michigan’s supply chain assets, in partnership with the Detroit Regional Chamber and Wayne State University. The assessment will be used to determine whether innovations to the global supply chain could promote lasting economic development and job growth for the region.
- $153,000 to the Detroit Regional Chamber to support the nonprofit Michigan Security Network, which is pursuing short-term and long-term strategies related to the region’s “unique role and asset base in homeland security.” Formed in 2008, the network is comprised of 16 companies, universities and other Michigan “opinion leaders.”