Detroit Economic Growth Association announced today that Skidmore
Studio, LLC is receiving a $300,000 grant from the Creative Corridor
Incentive Fund to support its move into the Madison Theatre Building in
downtown Detroit.
Established by a $2.5 million commitment from the New Economy
Initiative for Southeast Michigan, the Creative Corridor Incentive Fund
(CCIF) supports substantive financial incentives to creative sector
businesses seeking to locate in the city of Detroit.
Skidmore Studio is a creative firm that focuses on branding and
marketing strategies, graphic design, motion graphics, interactive
design and online media. The firm is moving 24 employees into the
fourth floor of the historic Madison Theatre Building at 1555 Broadway,
at Grand Circus Park. The Creative Corridor grant will provide a rent
subsidy over the term of the firm's 90-month lease.
"Skidmore Studio is an excellent example of the kind of small and
middle-sized creative companies that are becoming a key part of
Detroit's dynamic downtown environment," said Olga Stella, vice
president for business development at Detroit Economic Growth
Corporation (DEGC). "We are grateful to our foundation funding partners
who are supporting Creative Corridor companies, and in this case,
helping to put new life into an historic building."
DEGC, which administers the Creative Corridor Incentive Fund (CCIF) on
behalf of the DEGA, continues to accept applications for CCIF grants.
Businesses must meet specific program guidelines to earn the matching
grants. Building owners and tenants are both eligible to receive
assistance. Those interested in applying should call DEGC at (313)
237-6096 or email mdenson@degc.org.
Background
Detroit Economic Growth Association is a non-profit economic
development organization administered by Detroit Economic Growth
Corporation (DEGC). DEGC serves as the lead implementing agency for
business retention, attraction and economic development initiatives in
the city of Detroit. DEGC is led by a 60-member board comprised of
business, civic, labor and community leaders. Its 35 professionals
provide staff services for key public authorities that offer tax
credits and other forms of financing for projects that bring new jobs
or economic activity to the city. Among them: the Downtown Development
Authority (DDA), Detroit Brownfield Redevelopment Authority (DBRA),
Economic Development Corporation (EDC), Neighborhood Development
Corporation (NDC), Local Development Finance Authority (LDFA), and Tax
Increment Finance Authority (TIFA). DEGC also provides planning,
project management and other services under contract to the City of
Detroit. Find out more at www.degc.org or www.facebook.com/DEGCallbusiness.
The New Economy Initiative is an innovative philanthropic effort to
accelerate the transition of metro Detroit to an innovation-based
economy that expands opportunity for all. Ten national, regional and
local foundations have committed $100 million to this unprecedented
eight-year initiative, including the Community Foundation for Southeast
Michigan (Detroit), the Max M. and Marjorie S. Fisher Foundation
(Southfield, Michigan), the Ford Foundation (New York), the
Hudson-Webber Foundation (Detroit), the W.K. Kellogg Foundation (Battle
Creek, Michigan), the John S. and James L. Knight Foundation (Miami),
The Kresge Foundation (Troy, Michigan), the McGregor Fund (Detroit),
the Charles Stewart Mott Foundation (Flint, Michigan), and the Skillman
Foundation (Detroit). The participating foundations are leading the
implementation and governance of the Initiative. The Community
Foundation for Southeast Michigan, which initiated the collaborative,
is serving as its administrative home. For more information, please
visit http://neweconomyinitiative.cfsem.org.
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Media Contact:
Bob Rossbach
313-402-9831
bob@rossbach.tv |