Financial Injection for Port of Monroe
- Business & Finance
Michigan’s gateway port to Lake Erie and St. Lawrence Seaway will undergo a broad range of major improvements and alterations expected to transform the city of Monroe’s harbor into a leading cargo transportation center on the Great Lakes.
The Michigan Strategic Fund approved up to $3 million in repayable funds from the MSF Investment Fund for the city of Monroe to make improvements to the Port of Monroe, the Michigan Economic Development Corporation announced yesterday.
“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. “The project will promote further growth and investment in the Port and the region, and will lead to new jobs for Michigan residents.”
The project expands trade routes and cargo opportunities, and calls for dredging the River Raisin and a range of other improvements to increase accessibility to the port. The impact is expected to cause fewer cargo delays, and accommodate larger vessels with increased shipping capacity.
The dramatic improvements in shipping efficiency is expected to generate a major economic impact to the Monroe region.
Located in Monroe on the western edge of Lake Erie, the port provides direct access to all five of the Great Lakes and serves 17 states.
The improvements will not only promote new cargo opportunities, but will serve to ship and receive materials for the port’s existing tenants, including DTE Energy, Michigan Paving & Materials, Gerdau MACSTEEL, Ford Motor Company and Ventower.