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Politics & Government
Wed June 25, 2014
MEDC creates fund to leverage crowdsource money
The Michigan Economic Development Corporation has created a fund to help leverage more money for public beautification projects. It’s a partnership with a crowdsourcing website to help local governments raise funds for parks, sculptures, tree-planting and similar projects.
Mike Finney is the director of the MEDC. He says it’s a new way to attract private investments in public projects.
“It’s a great way to stretch our dollars much further than they would otherwise if this had to be a public sector project in and of itself,” Finney said.
The state will match up to $100,000 for approved projects raised through the website, crowdfundingmi.com. Finney says this is the first time that he’s heard of the public sector using crowdfunding to raise money for local beautification projects.