Today, U.S. Secretary of Commerce Gina M. Raimondo announced that the Department’s Economic Development Administration (EDA) is awarding a $4.8 million CARES Act Recovery Assistance grant to Chicago, Illinois, to support industrial development in the city.
This grant will help accelerate the economy and support business growth and development by providing trucks access to one of Chicago’s major interstates. The project will increase the clearance of a railroad viaduct along Kostner Avenue, a critical access route to a potential new 24-acre industrial development in the North Lawndale neighborhood. This EDA grant, to be matched with $3.7 million in state and local funds, is expected to create 380 jobs, retain 380 jobs, and generate $43 million in private investment.
“The Biden Administration aims to provide cities with the resources they need to ensure our nation not only recovers from this pandemic but builds back stronger,” said Secretary of Commerce Gina M. Raimondo. “This EDA investment in one of Chicago’s most economically distressed neighborhoods will catalyze economic development at a nearby city-owned former brownfield site, resulting in much-needed job creation and private investment.”
“The Economic Development Administration supports community-led economic development strategies designed to boost coronavirus recovery and response efforts,” said Assistant Secretary of Commerce for Economic Development Alejandra Y. Castillo. “This EDA investment will help accelerate the economic recovery by supporting business growth and development through a strategic investment in infrastructure.
“As Illinois and our nation works to build back better, the Department of Commerce’s CARES grant is a welcome investment in our state’s infrastructure,” said Governor JB Pritzker. “Along with funding from my administration’s Rebuild Illinois initiative, which is providing $45 billion to infrastructure projects across the state, the Chicagoland area is equipped to generate jobs and development that will uplift countless businesses and communities within the region. Thank you to Secretary Raimondo and Assistant Secretary Castillo for awarding Illinois with this meaningful investment in our recovery and growth.”
“The CARES Act sought to provide a lifeline to families and small businesses during the COVID-19 pandemic, including helping communities recover from unprecedented economic challenges,” said Senator Dick Durbin. “I’m pleased that Chicago was awarded this EDA funding, which will help spur economic growth and create opportunity in underserved and historically disadvantaged neighborhoods.”
“Chicagoans – and Illinoisans across our state – have been hit hard economically during this pandemic,” said Senator Tammy Duckworth. “Federal investments like these are just one way to help create a more equitable and resilient economy for communities like North Lawndale. I’ll keep advocating for the resources that all Illinois communities need in order to grow and thrive.”
“I applaud Secretary Raimondo and the Economic Development Administration for recognizing Chicago’s need for this $4.8 million CARES Act Recovery Assistance grant to promote industrial development,” said Congressman Danny K. Davis (IL-07). “This funding will substantially provide Chicagoans with good-paying jobs, businesses with accelerated growth, and the City of Chicago with greater economic growth as we emerge from the pandemic, including much-needed industrial development in the North Lawndale area. I am proud that my work enacting these federal stimulus grants will directly benefit my home city of Chicago and especially the North Lawndale community.”
This project is funded under the Coronavirus Aid, Relief, and Economic Security (CARES) Act (Public Law 116-136 PDF), which provided EDA with $1.5 billion for economic assistance programs to help communities prevent, prepare for, and respond to coronavirus. EDA CARES Act Recovery Assistance, which is being administered under the authority of the bureau’s flexible Economic Adjustment Assistance (EAA) (PDF) program, provides a wide-range of financial assistance to eligible communities and regions as they respond to and recover from the impacts of the coronavirus pandemic.
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 invests in communities and supports regional collaboration in order to create jobs for U.S. workers, promote American innovation, and accelerate long-term sustainable economic growth.