Today, U.S. Secretary of Commerce Wilbur Ross announced that the Department’s Economic Development Administration (EDA) is awarding a $1.2 million grant to the city of Perry, Iowa, to make critical roadway infrastructure improvements to support the expansion of manufacturing businesses in the region. The EDA grant, to be located in a Tax Cuts and Jobs Act Opportunity Zone will be matched with $884,703 in state funds and $355,535 in local funds, and the grant is expected to create or retain 165 jobs and generate more than $2.8 million in private investment.
“The Trump Administration is committed to helping American communities obtain the modern infrastructure they need to encourage business attraction and growth,” said Secretary of Commerce Wilbur Ross. “This project will make roadway infrastructure improvements in an Opportunity Zone in Perry that will allow local manufacturing businesses to grow, expand, and attract new private investment to the area.”
“EDA is proud to support local efforts to improve infrastructure to spur business growth,” said Dana Gartzke, Performing the Delegated Duties of the Assistant Secretary of Commerce for Economic Development. “EDA investments in Opportunity Zones are enhancing return on investment for business interests and encouraging the public/private partnerships needed to drive private investment to cities like Perry.”
The funding announced today goes to one of Iowa’s 62 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 webpage. To learn more about Opportunity Zone best practices, see the recently released White House Opportunity and Revitalization Council Report (PDF) to President Trump.
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.