The Chelsea Downtown Development Authority (DDA) discussed the city’s recently reinstated Economic Development Corporation, which is made up of nine members, who serve for six-year terms.
Appointed to the board in January were: Terris Ahrens, Kathy Finger, Susan Jacobs, Matt Jordan, Loren Pullman, Marcia White, City Manager Roy Atkinson, Council Member Bill Ruddock and Mayor Jane Pacheco.
The group selected White as its chairman, and is tasked with looking at a series of bonds that were issued by the EDC in 2013 for Silver Maples of Chelsea.
But there’s a wider range of economic development assistance that EDC’s can look into and work on as well. Perhaps in tandem with the city, the city’s DDA and the chamber of commerce.
“Economic development corporations generally are established to assist existing and new businesses located in a particular geographic area through a variety of activities including grants, loans, provision of information and expertise, or creation of industrial parks,” according to information from the state.
The main goal of economic development is improving the economic well-being of a community through efforts that entail job creation, job retention, tax base enhancements and quality of life, state information states.
The Economic Development Corporation (EDC) was formed under the authority of Michigan’s Economic Development Corporation Act 338 of 1974. The purpose of an EDC is to promote and expand existing businesses within the city, as well as to attract new businesses to bolster economic growth of the city resulting in employment and opportunity for its citizens, according to a description on the city’s website.
One main action of the EDC is the ability to issue tax-exempt revenue bonds to manufacturing projects and projects at the direction of Section 501(c)(3) non-profits.
The EDC meets monthly or on an as-needed basis.
You may read more about the Economic Development Corporations ACT 338 of 1974 on the State of Michigan website.
The DDA and EDC are expected to hold a joint meeting, perhaps in April.
Also among the topics discussed was the possibility of designating the small green space next to the Purple Rose Theatre as a park. In the winter, the location is a popular sledding spot in the winter. City Manager Roy Atkinson said he’d like it to have “four season integration” for the space.
Discussed was adding shrubs, seating, and picnic tables as well as the possibility of it becoming an new entertainment location during Sounds and Sights in the summer.
The group also began preliminary budget discussions discussing adding to the $20,000 it allocated for parking lot maintenance last year, $6,500 for sculpture walk, $5,000 for marketing and $28,500 for streetscapes.
