Today, U.S. Secretary of Commerce Wilbur Ross announced that the Department’s Economic Development Administration (EDA) is awarding $1.45 million grant to the city of Beaverton, Michigan, to provide critical infrastructure needed to expand and improve the city’s industrial park. The project, to be matched with $263,880 in local funds, is expected to help create more than 70 jobs, retain 280 jobs and generate $20.1 million in private investment. This project is located in a Tax Cuts and Jobs Act-designated Opportunity Zone.
“The Trump Administration is committed to providing the infrastructure improvements that will allow business in Beaverton to grow and thrive,” said Secretary Ross. “This EDA investment in Beaverton’s Industrial Park will support the expansion of Beaverton’s existing industries and target business development toward a Tax Cuts and Jobs Act-designated Opportunity Zone.”
“This is outstanding news for Beaverton and Gladwin County,” said Congressman John Moolenaar. “This new development will create more than 70 jobs and it is a direct result of the Opportunity Zones in tax reform, which I supported in 2017. Tax reform has spurred developments including today’s, as businesses across mid and northern Michigan build new facilities and create more good-paying jobs. This continues the strong economic record of the past couple of years, with unemployment at record lows, and Michigan residents keeping more of their own money, which is always a good thing.”
The project will establish the roadways, water and wastewater infrastructure needed to expand and upgrade of the city of Beaverton’s industrial park. The project will also fund construction of an iron ore removal facility. The project was made available by the regional planning efforts led by the East Michigan Council of Governments. EDA funds the East Michigan Council of Governments to bring together the public and private sectors to create an economic development roadmap to strengthen the regional economy.
The funding announced today goes to a Tax Cuts and Jobs Act designated Opportunity Zone, which provides special incentives for further private sector participation and development. Created by President Donald J. Trump’s Tax Cuts and Jobs Act of 2017, Opportunity Zone designations spur economic development by giving tax incentives to investors in economically-distressed communities nationwide. To learn more about the Opportunity Zone program, see the Treasury Department resources page here. To learn more about the Department’s work in Opportunity Zones, read our blog post.
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.