History of Target Alpena Development Corporation

Target Alpena Economic Development Corporation is the title chosen to identify Alpena County's most aggressive effort to move our area ahead for growth in the 21st century.

Established in 1987, formerly the Greater Alpena Industrial Development Corporation, now called Target Alpena Economic Development Corporation has been a driving force to stabilize the economy in Alpena County. The initial surge of Target Alpena can be contributed to economic development study completed by the Midwest Research Institute (MRI), The study was able to identify ten constraints to economic growth in the region. Using strategies from the MRI Study over the last decade, Target has initiated programs and provided assistance to the region with the hope of overcoming the identified constraints. Through Target's initiatives, the economy is steadily growing in Northeast Lower Michigan.

Through continued support from the State of Michigan's Economic Development Corporation, U.S. Department of Agriculture, U.S. Economic Development Administration, and local municipalities. Target has maintained a Revolving Loan Program and a Micro Revolving Loan Program, which have helped to grow small businesses. These programs have resulted in the direct job creation and retention of 300 plus jobs in the Alpena area. The loan programs have also financed 1.75 million in loans to high risk area businesses.

In 2006, Target underwent a restructuring and partnered with the Alpena Area Chamber of Commerce in order to further economic development in the region. The board of Target consists of representation from the public sector, private sector, city, townships, county, and other regional economic development organizations. Included in this restructuring is the formation of the Future Leaders Committee, which develops young leaders by providing informative dialogues, presentation opportunities, and assisting in projects that help Target achieve its goals. In addition to the Future Leaders, Target Alpena also operates a Loan, Real-estate, Executive and Marketing committees with several more committees being developed. With support from the City of Alpena, Alpena Township, Alpena County, and from the private sector, Target Alpena Development Corporation is able to help all area businesses reach their full potential.

Currently, Target is redeveloping their strategic plan for the future, with special emphasis placed on business retention, business recruitment, entrepreneurial growth, infrastructure, and internal operations. This strategic plan will be highly flexible and will allow Target to assist even more businesses in the growing region. Through continued collaboration with all entities at the federal, state, local and private level, Target is looking forward to a positive economic future and a better life for all residents of Northeast Lower Michigan.

Structure

Target operates as a 501c3 organization comprised of a 32 person board of directors, which represent a full spectrum of Alpena. Representatives from the city, county, industrial employers, small business, health, education, and more all work together at Target to enhance the well-being of Alpena and its citizens.

Members from the Target Board of Directors are selected to serve on the Target Alpena Executive Committee (TEC). The goal of the TEC is to take some of the strain of the day to day management of Target off of the full Board of Directors.

The Board of Directors

Target's 32-person board of directors meets quarterly to discuss goals and other business for Target Alpena. A list of the board members can be found here.

Subcommittees

Target maintains several subcommittees which work to assist economic development in the region.

Loan Committee
The Loan Committee is responsible for maintaining Target's Revolving Loan Fund and its Micro Revolving Loan Fund. This committee meets whenever there are loan applications that need approval, or other loan business that needs to be discussed.

Business Retention and Expansion Committee
The Business Retention and Expansion Committee coordinates business training and education for Target, and are also responsible for implementing the Executive Pulse Software, which will give Target a leg up in monitoring changes in the economic climate of Northeast Lower Michigan.

Entreprenurial Committee
The Entreprenurial Committee assists in starting businesses in the Northeast Lower Michigan Area, and is a driving force behind the Industrial/Commercial Incubator project.

Marketing and Recruitment Committee
In addition to marketing Target itself, the Marketing and Recruitment committee also assists with the marketing of available property in Alpena County, as well as marketing the city itself to businesses, with the intent of recruiting them to the area.

Real Estate and Infrastructure Committee
Target's Real Estate committee exists to take care of the industrial property that Target owns. This includes maintenance, infrastructure, etc.

Nominating Committee
If there is a vacant slot on the Target Board, the Nominating Committee meets and decides on several suitable replacements. These names are then brought to the Target board, who votes to accept the person.

Future Leaders Committee
The Future Leaders Committee takes students from Alpena Community College who have an interest in economic development, and allows them to work on projects that have a lasting effect on Alpena County.