Michigan Invests Locally Exemption

Keyworth Stadium, the future home of Detroit City FC
Jon DeBoer/DCFC

Eighty years ago, Franklin Delano Roosevelt paid a visit to the city of Hamtramck, an enclave within the city of Detroit. There, the 32nd president cut the ribbon on a new sports stadium, one of the many construction projects being carried out across the country to help the United States dig out of the Great Depression.

Eight decades later, the Detroit City Football Club (DCFC), a minor league soccer team with one of the biggest followings in the country, is looking to turn Keyworth Stadium into its new home.

user: Notorious4Life / Wikipedia

There's no shortage of talk about issues that divide our state lawmakers, so let's focus on something that virtually every lawmaker agreed was good for Michigan: our intrastate investment crowdfunding law. 

It zipped through the state House and Senate with just one "no" vote and was signed into law late last year by Gov. Rick Snyder. All of that happened in just four months. 

It's called the Michigan Invests Locally Exemption (MILE). It's a way of providing capital to existing and start-up businesses. We talked about this new intrastate crowd funding law a couple of months ago here on Stateside. 

Today, we look the first success story from MILE – the first business to reach its crowd funding campaign goal. 

The Tecumseh Brewing Company used MILE to crowdfund its way to $175,000. 

Kyle Dewitt is the co-founder of the Tecumseh Brewing Company  and Chris Miller is the coordinator of the Downtown Development Authority and Economic Development in Adrian. They joined us on Stateside today.

*Listen to the full interview above.