The Michigan Economic Development Corporation, while having withdrawn some funding from the Munising Marketplace, would like to stress that they have not completely withdrawn all support.

There was a sum of money that had yet to be allocated to the project which the MEDC had withdrawn due to certain items that were not provided under the time limit.

As of January 11th, “the MEDC had not received the federally required documentation for the funding requirements for commitment and expenditure of funds, including the Letter of Intent from the grocery tenant and the executed Term Sheet from the New Market Tax Credit investor,” Otie McKinly, Media and Communications Manager for Michigan Economic Development Corporation said in a statement emailed to the paper.

“Those documents needed to be received by the MEDC January 5th of this year given the complexity of the capital stack, and interdependencies between funding sources.”

Mr. McKinly stated emphatically that, “It is important to note that the MEDC did not pull out of, nor pull support from, the Munising Marketplace development project and want to reiterate our continued support of the project.”