The purpose of the act is:

• To encourage and assist industries and commercial enterprises…in locating, purchasing, improving, maintaining, repairing, furnishing, equipping, and expanding in this state and its municipalities
• The Act grants EDC’s broad powers to fulfill their purposes.  It allows EDC’s to accept funds as well as personal and real property in the form of gifts, donations, and grants from governing bodies, public and private organizations and individuals.  An Economic Development Corporation can buy and sell land and can make, sell, rewrite, discharge, and/or foreclose loans and mortgages.  An Economic Development Corporation can borrow money, issue revenue bonds, or notes to finance and refinance project costs.
• The major supporters behind the effort to form the organization were the County Commissioners, the City of Vassar, and a prominent business owner in Tuscola County.  The local economic development community realized that individual communities alone would not be able to meet their goals.
• The Board of Commissioners stated the need for an organization to attract grants, to provide possible no-interest agricultural bonds.  The EDC was involved for a time in providing interest free loans to young farmer for the purchase of land.  This program was active for a couple of years until funds were unavailable and the program ended.
• In 1984, the Tuscola County EDC became involved in general economic development.  This was the result of the concerns of local citizens wanting a County EDC to provide more services than the local municipal EDC’s were able to provide.  Other neighboring counties have already established a County EDC for general development generating the fear that Tuscola County would lose jobs to surrounding counties.  This may be alleviated with forming a strong Tuscola County EDC organization.  State funding was available at the time, which was very helpful in spurring the efforts.