Michigan City is providing $100,000 in funding for efforts to lure new businesses and bring more jobs.
The city is awarding money from a LaPorte County income tax to the Economic Development Corp. Michigan City, Indiana, or EDCMC. The economic development agency plans to use it assist existing companies and recruit new businesses.
"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 (Ron) Meer and the city of Michigan City," said Chuck Compton, chairman of the agency's board of directors.
City funding comes from a LaPorte County income tax rate of 0.0095 percent for residents and 0.007 percent for people who work in LaPorte County but live in another county.
The economic development corp. will use the funds to recruit new businesses, encourage plant expansions and help with tax breaks. The agency gathers information from companies to help them fill out state forms they need to file to realize the maximum benefit of incentives that phase in property taxes over 10 years.
EDCMC is trying to retain existing jobs, give residents more job opportunities and grow the city's tax base. The economic development corp. provides one-on-one assistance to businesses, and helps line up incentive packages if they are growing or first coming to town.
"This collaboration between the city of Michigan City and Economic Development Corp. Michigan City, Indiana is vitally important to our success as we enter 2014," said Meer. "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 businesses and job opportunities to Michigan City."