Bipartisan bills give communities new tools to spur economic growth, create jobs

LANSING, MI - Saturday, March 22, 2008 - Recently State Senator Tupac A. Hunter (D-Detroit) applauded the Senate's overwhelming support for final passage of SB 972, a bill introduced as part of a bipartisan effort to revitalize Michigan's downtowns. This legislation would allow Downtown Development Authority (DDA) boards to create, operate and fund loan programs for building improvements in downtown districts.

"Vibrant downtown districts can be powerful engines for economic growth, attracting business nvestment and new jobs to our state," said Senator Hunter. "By passing this bipartisan legislation we will give communities the tools they need to revitalize Michigan's downtown districts and rejuvenate our state's economy."

These loans would be used to make buildings more marketable for sale or lease. The DDA board could then make loans to businesses with interest at or below market rates, as determined by the board. This fiscally responsible approach will be funded through pre-existing revenue sources and would have no impact on state expenditures.

Today the Senate also voted with strong bipartisan support to pass SB 970, co-sponsored by Senator Hunter, as part of the DDA package. The legislation allows DDA boards to create, operate and fund retail business incubators, giving preference to tenants who would provide goods or services that were previously unavailable or underserved in the downtown area.

The Downtown Ironwood Development Authority (DIDA) is scheduled to meet at 12:00 PM on Thursday, March 27, 2008 in the Community Develompent Office on the second floor of the Ironwood Memorial Building. The previous two meetings of the Authority were canceled due to the fact that a quorum of members failed to appear.