EDCMC, City of Michigan City partnership results in $100,000 for economic development projects
Economic Development Corporation Michigan City, Indiana (EDCMC) secured a professional community and economic development services contract from the City of Michigan City.
The contract was awarded by the city earlier this month and provides $100,000 to EDCMC in 2014 through the County Economic Development Income Tax fund.
EDCMC Board of Directors Chairman Chuck Compton said, “While EDCMC receives funding from several sources, including our circle of investors, we couldn’t provide the kinds of services our local companies and prospective companies require if it weren’t for the generous support of Mayor Meer and the City of Michigan City.” Compton also serves as the Chief Administrative Officer of the Chicago South Shore & South Bend Freight RR.
The fund provides for a variety of business development opportunities, including:
- Industrial and commercial recruiting, retention and plant expansions
- Retain jobs currently located in Michigan City
- Provide expansion opportunities to local industry to result in more city jobs
- Recruit new industry to locate in Michigan City, resulting in an expanded tax base
- Retain and assist existing businesses in Michigan City for an expanded tax base
- Increase job opportunities for residents
- Tax abatement
- Assist in oversight of tax abatement recipients, including collection, compilation and reporting of state forms for compliance for recipient’s benefits
The fund is just one example of many of the longstanding relationship between the two organizations. Michigan City Mayor Ron Meer said, “This collaboration between the City of Michigan City and Economic Development Corporation Michigan City, Indiana is vitally important to our success as we enter 2014. With this partnership and the introduction of Clarence Hulse as the new Executive Director of EDCMC in early November of last year, I believe we took a major step forward in our commitment to retaining existing businesses, while at the same time, seeking out and recruiting new business and job opportunities to Michigan City.”