WASHINGTON - Today, the U.S. Department of Commerce's Economic Development Administration (EDA) is awarding a $500,000 grant the city of Excelsior Springs, Missouri, to improve critical roadway and sewer infrastructure to accommodate new business development. The EDA grant project, to be located in a Tax Cuts and Jobs ActOpportunity Zone, will be matched with $400,000 in state funds and $100,000 in local funds, and is expected to generate $4.5 million in private investment.
'The expansion of roadways and relocation of sewer lines will directly support new economic development opportunities in northwest Missouri,' said Dana Gartzke, Performing the Delegated Duties of the Assistant Secretary of Commerce for Economic Development. 'In addition, the project's location in an Opportunity Zone will drive additional private investment to the area, boosting the local economy.'
This project was made possible by the regional planning efforts led by the Mid-America Regional Council, which EDA funds to help bring together the public and private sectors to create an economic development roadmap to strengthen the regional economy, support private capital investment and create jobs.
The funding announced today will serve one of Missouri's 161 Opportunity Zones. Created by President Donald J. Trump's Tax Cuts and Jobs Act of 2017, Opportunity Zones are spurring economic development in economically-distressed communities nationwide. In June 2019, EDA added Opportunity Zones as an Investment Priority, which increases the number of catalytic Opportunity Zone-related projects that EDA can fund to fuel greater public investment in these areas. To learn more about the Commerce Department's work in Opportunity Zones, please visit EDA's Opportunity Zones webpage. To learn more about the Opportunity Zone program, see the Opportunity Now resources page here.
About the U.S. Economic Development Administration (www.eda.gov)
The mission of the U.S. Economic Development Administration (EDA) is to lead the federal economic development agenda by promoting competitiveness and preparing the nation's regions for growth and success in the worldwide economy. An agency within the U.S. Department of Commerce, EDA makes investments in economically distressed communities in order to create jobs for U.S. workers, promote American innovation, and accelerate long-term sustainable economic growth.
EDA - Economic Development Administration published this content on 22 June 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 22 June 2020 18:31:04 UTC