For years, the Traverse Bay EDC and the Northwest Michigan Council of Governments have produced an annual Regional Economic Forecast. Now, the EDC is developing a new business index for the region which will allow community businesses, stakeholders and residents to gauge the economic direction and vitality of the area. The quarterly report, which is scheduled to first come out at the end of 2008 or early 2009, is being created through the EDC's Small Business Council and is envisioned to be the Dow Jones for the Grand Traverse region.

"This product will compliment the Economic Forecast annual document by tracking specific information - such as employment, sales, profits and capital investments - from businesses throughout the region on a quarterly basis," said Steve Merten, Chairman of the Small Business Council and Vice President at Fawcett/Dopke Agency.

The Traverse Bay EDC is currently in the process of identifying companies in the region interested in participating the index. Currently, 22 industries have been identified for the program, ranging from Accommodations to Health Care to Manufacturing to Retail. Several companies from each industry will be featured in the index. For a complete list of industries, and information on how your company can be included in the index, please contact Traverse Bay EDC Senior Vice President Tino Breithaupt at 231-995-7105 or tino@tcchamber.org.

On June 16, Traverse City Commissioners voted to re-zone a parcel of property in Old Town so that public or private parking structures may be considered for development. This was another major step in efforts to continue to keep Old Town a vibrant part of our community. Also critical to the Old Town revitalization process is the presence of Hagerty Insurance Agency, which has an opportunity to grow its business within the city.

Hagerty is the largest insurance agency for collector cars and classic boats in the United States, currently serving more than 300,000 clients. The company is considering continued development of Rivers Edge West and surrounding areas in the Old Town District, potentially adding tens of thousands of square feet of office space to its current operation. As a result of the company’s desired expansion plans, Hagerty will create 225 new jobs over the next 5 years on top of its current 375 employees, providing a total of 600 jobs in downtown Traverse City by 2013.

It is important to note that the construction of a new public parking deck to accommodate the growth and development in Old Town will not raise taxes for city residents. At a time when Michigan continues to struggle economically and financially, the Grand Traverse region has an opportunity to support growth and development, the creation of new jobs, and an increased tax base in the City. The Traverse Bay EDC encourages members to support these important efforts in Old Town to grow business and build community in the City.

As a result of a new $650,000 investment in machinery and equipment, Great Lakes Stainless will be adding 12 new jobs at its facility in Blair Township.

Great Lakes Stainless was founded in 1995 and moved to it current location in Blair Township in 2003 due to continued growth and need for additional space. The company has continued its growth in Blair Township and currently has 35 employees, with annual sales in excess of $4 million. The company produces commercial food-services equipment, stainless steel cabinets and a line of cabinets for a boat manufacturer in Michigan. Great Lakes Stainless anticipates a 12 percent increase in its boat line of business based on projected volumes, which should last the next five to seven years.

The Traverse Bay EDC worked with Great Lakes Stainless in its pursuit of an Industrial Facility Tax Exemption Certificate. These property tax savings on the company’s new investment will allow Great Lakes Stainless to upgrade its technology, grow its business, maintain its current employee base and create new jobs in Blair Township. 

The Grand Traverse County EDC and County Board of Commissioners approved Converged Solutions and Tyler Cerny for financing through Grand Traverse County’s Revolving Loan Fund program.

Converged Solutions is a rapidly expanding technology company with headquarters in Traverse City. Founded over four years ago by Dale and Gail Zuelch, the company now has over 500 customers and is expected to generate revenues in excess of $4.5 million dollars in 2008. This financing will allow Converged Solutions to add six additional employees to its current 23 full-time employees.

Tyler J. Cerny and Cerny Industries, LLC announced the purchase of Strata Design today, June 30. Founded in 1988 in Traverse City, Strata Design is one of the largest independently owned suppliers of architectural casework in Michigan. The financing through Grand Traverse County’s Revolving Loan Fund will allow Cerny Industries to add six new jobs to the newly acquired business.
 
The Revolving Loan Fund is administered by the Grand Traverse County Economic Development Corporation. Funds are used to provide gap financing for companies expanding their businesses. For more information on the Grand Traverse County Revolving Loan Fund, please contact the Traverse Bay EDC at 231-995-7105.

The Kalkaska County EDC hosted its first ever Business Community Lunch on June 18 at the Kalkaska United Methodist Church. Sponsored by Rapid River Renewable Energy (R3E), the lunch provided the EDC with the opportunity to raise business and community awareness of the services available through the Kalkaska County EDC and the Traverse Bay EDC, as well as learn more about the proposed energy plant to be located in Rapid River Township.

For more information on the Kalkaska County EDC, please contact Bob Jones at 231-590-9901. For more information on the proposed Rapid River Renewable Energy project, please contact Benjamin Brower at 231-935-4450.

• The Frankfort Affordable Housing Project is targeted for ground-breaking in late summer.
• A planned waterfront condominium and 140-slip marina development in the Village of Elberta on Betsie Lake is on hold because of a denied permit application from the Michigan DNR.
• Graceland Fruit, Inc. expansion activities continue with a third commercial infusion and drying line at the company's Forrester Road facility.
• The Benzie County EDC and Traverse Bay EDC are working to continue succcessful "retention" visits with incumbent businesses, as well as a small business consultation program occurring weekly at the Benzie County Chamber of Commerce and Visitors Bureau. 
• The Benzie County EDC Revolving Loan Fund Balance is approximately $800,000.

• Efforts in the Old Town area to find solutions for parking congestion and future building plans are moving along well.
• Turtle Creek Casino on M-72 in Williamsburg held its grand opening last week.
• Two loan applications were approved out of the Grand Traverse County Revolving Loan Fund at the Traverse Bay EDC June meeting: $210,000 to Tyler Cerny for the purchase of Strata Design (in conjunction with The Bank of Northern Michigan), and $200,000 to Converged Solutions (in conjunction with Huntington Bank). After deducting these two loans, the Revolving Loan Fund balance is currently at $344,643.

• Gio's Trattoria Grille has reopened its doors after being closed for several months.
• Northern Oil and Mill continues its search for a permanent home for crushing equipment purchased with the aid of the Kalkaska EDC Revolving Loan Fund.
• The Kalkaska EDC held its first annual meeting and Business Community Lunch on June 18.
• The Kalkaska County EDC has had one of three loans paid off in full: Shetler Dairy has paid off its loan early. The other two loans remain in good standing.

• Leland County Campus redevelopment is moving forward slowly.
• The Bingham Township Zoning Commission has recommended a new ag-tourism ordinance based on recommendations made in 2006 by the Governor's Ag-Tourism Commission.
• The Northport-Omena Chamber of Commerce hosted a tour of businesses in and near Northport's north industrial sector.
• Suttons Bay held another successful Friday night Art Walk, and two new restaurants are scheduled to open in July.
• A new Revolving Loan Fund application has been approved by the Leelanau Board.