NEI Grant Supports Region’s Economic Transformation

In Press Release

More than $3 Million Fund Shifts to Knowledge-Based Economy

For Immediate Release

DETROIT — Today, the New Economy Initiative announced more than $3 million in grants to four collaborative efforts that will support southeast Michigan’s economic shift to a knowledge-based economy.

“Metro Detroit has unique assets upon which to build a strong innovative economy — our international border crossing, major research universities, manufacturing capacity, a creative class and our historic innovative spirit. Such assets are the essential building blocks for creating and attracting new business opportunities and will lead to a well-trained, well-employed workforce in a vibrant, growing economy in the long term,” said David Egner, executive director of NEI.

More than $3 million was awarded to the following organizations:

$2.5 million over two years to the Detroit Economic Growth Association

This grant will provide financing to creative businesses wishing to locate in the greater downtown area, and to help them offset the costs associated with starting a business in the city via the Creative Corridor Incentive Fund.

NEI’s investment in CCIF will support the redevelopment of up to 125,000 square feet of creative business real estate in the corridor and create approximately 400 new jobs over three-to-five years. CCIF will be operated by the Detroit Economic Growth Corporation on behalf of DEGA.

DEGC will work with several partners to implement the CCIF, including the Detroit Investment Fund. DEGC and DIF currently work closely together to maximize their efforts such as sharing information about business prospects, financing needs, appropriate financing tools and incentives and leverage each others’ tools and services.

 $202,500 to Michigan State University

This grant will support the assessment of southeast Michigan’s supply chain assets in partnership with the Detroit Regional Chamber and Wayne State University. The results of this assessment will ultimately be utilized to help stimulate the development of the region as a global transportation and logistics hub.

The assessment will be led by MSU supply chain management faculty, along with faculty from Wayne State University and senior leaders from the Detroit Regional Chamber. It will be a six-month “Opportunity Assessment” effort to examine whether innovations to the global supply chain could promote lasting economic development and job growth for southeast Michigan.

$153,000 to the Detroit Regional Chamber to support the Michigan Security Network

This grant will allow the Michigan Security Network to pursue immediate opportunities and advance long-term strategies related to southeast Michigan’s unique role and asset base in homeland security.

$200,000 over two years to the Detroit Economic Growth Association

This grant will support facilitation of an Alternative and Renewable Energy Economic Development Initiative for Detroit with DTE Energy. In an effort to maintain the collaborative momentum spurred by its initial work in this area, DTE Energy, together with DEGA, aims to: identify and define target opportunities for attraction and retention, develop a message/case for business, deliver the message to targeted audiences, and facilitate business deals. In addition to these four steps, DTE Energy and DEGA intend to work closely with allied economic development groups in business attraction and retention efforts.

DTE Energy and DEGA will serve as co-leaders for the project. DTE Energy will provide leadership and project direction in energy related initiatives. DEGA will provide expertise in techniques for business attraction, development and financing, project management, industrial park development and Brownfield redevelopment.