Today, U.S. Secretary of Commerce Wilbur Ross announced that the Department’s Economic Development Administration (EDA) is awarding a $2 million grant to the Tishomingo Municipal Authority, Tishomingo, Oklahoma, to help increase the capacity of the local water treatment plant so that it can better serve business needs. The EDA grant, to be located in a Tax Cuts and Jobs Act designated Opportunity Zone, will be matched with $857,143 in local investment.
“Reliable and modern infrastructure is fundamental to business growth and success in Tishomingo,” said Secretary of Commerce Wilbur Ross. “Increased capacity for the water treatment plant is critical for further business growth and investment into a Tax Cuts and Jobs Act Opportunity Zone.”
I am thrilled to see Tishomingo awarded this significant grant,” said Governor Stitt. “These funds will allow the city of Tishomingo to ensure they have the infrastructure needed to support and encourage new businesses and foster economic growth for years to come. I look forward to seeing how this investment will help move both the community and our state forward.”
“I am incredibly pleased the City of Tishomingo has been awarded a $2 million grant from the Economic Development Administration for the construction of a new, larger water treatment plant,” said Senator Inhofe. “New businesses have been unable to locate to the City of Tishomingo simply because there is not currently enough fresh water. The new water treatment plant will produce 1 million gallons per day and provide the city not only the opportunity to attract new business and jobs, but would also allow existing businesses an exciting opportunity to expand.”
“It’s great to see Opportunity Zones from the Tax Cuts and Jobs Act benefit rural America,” said Congressman Markwayne Mullin. “Water infrastructure is incredibly important to ensuring businesses can thrive in the community. I look forward to seeing the success in Tishomingo.”
The project will help expand capacity at the city of Tishomingo’s water treatment facility to support business expansions and attract new industries to the region. This project was made possible by the regional planning efforts led Southern Oklahoma Development Authority. EDA funds the Southern Oklahoma Development Authority to 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 goes to a designated Opportunity Zone, created by President Donald J. Trump’s Tax Cuts and Jobs Act of 2017 to spur economic development by giving tax incentives to investors 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 Opportunity Zone program, see the Treasury Department resources page here. To learn more about the Commerce Department’s work in Opportunity Zones, please visit EDA’s Opportunity Zones webpage.
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.