State officials have announced approval of a loan for improving access and activity at the Port of Monroe on Lake Erie.
The Michigan Economic Development Corp. said Tuesday that the Michigan Strategic Fund is loaning up to $3 million to the city of Monroe to dredge the River Raisin and make other upgrades to the port. The project aims to expand trade routes and cargo opportunities at the port that serves as a gateway to the Great Lakes and St. Lawrence Seaway.
The project will get $3.6 million in local and school tax revenue for brownfield redevelopment. That will be used to repay the state.
Officials say the improvements are designed to attract new cargo opportunities and benefit the port's existing tenants. They include DTE Energy and Ford Motor Co.
Lake Erie's Port of Monroe getting $3M for improvements
