Monroe (Port)

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Monroe's Lake Erie port getting first-ever state loans

For the first time, Michigan's economic development arm has decided to lend money to improve a Great Lakes port as it tries to boost waterway cargo transportation throughout the state. The Michigan Strategic Fund run by the Michigan Economic Development Corp. approved up to $3 million in state-backed, zero-interest loans on Tuesday for the City of Monroe's port improvement effort. The loans to improve the Lake Erie port will be repaid using tax revenue from businesses at the port over eight years, officials said. “These improvements will transform the Port of Monroe into a center of economic activity and a premier general cargo handling facility on the Great Lakes,” MEDC Chief Executive Officer Steve Arwood said in a statement. The Monroe project calls for dredging the River Raisin and other improvements to increase accessibility to the port, reduce cargo delays, and accommodate larger vessels with increased shipping capacity. MEDC officials did not release an estimated economic impact as a result of the port upgrade. The port director did not immediately return a call for comment. http://www.freep.com/story/money/business/2015/09/22/michigan-gateway-port-lake-erie-st-lawrence-seaway-improvement-medc-economic-development-great-lakes/72619920/