Press Release
U.S. Economic Development Administration Invests $160,000 to Help Develop Economic Preparedness Plan for Disaster-Affected Communities in Kentucky
Contact: Public Affairs Department, (202) 482-4085
Friday, September 14, 2012
WASHINGTON - The U.S. Department of Commerce's Economic Development Administration (EDA) today announced a $160,000 grant to the Gateway Area Development District of Morehead, Kentucky, to develop an economic development disaster recovery and resiliency plan to address the long-term recovery needs of five Kentucky counties. Bath, Menifee, Montgomery, Morgan, and Rowan counties suffered significant business closures and economic losses as a result of disaster events in 2011.
"The Obama administration is committed to helping communities that have been impacted by natural disasters rebuild and recover," said Acting Assistant Secretary of Commerce for Economic Development Matt Erskine. "EDA is pleased to partner with the Gateway Area Development District to help local communities implement plans that will help to retain critical businesses and jobs."
The recovery plan funded by EDA will develop a flexible approach for economic recovery that can be used by local businesses and local governments in the five-county region to rebuild their economies after a disaster. Morgan County in particular suffered a total loss of its tax base when businesses in the downtown area of the county seat, West Liberty, suffered extensive damage from a tornado.
This project is part of a $200 million appropriation made by Congress to EDA to help communities that received a major disaster designation in fiscal year 2011 with long-term economic recovery and infrastructure support.
Within the context of the administration's National Disaster Recovery Framework (NDRF), EDA serves as the Coordinating Agency on behalf of the Department of Commerce for the Economic Recovery Support Function (RSF) to coordinate the activities of a diverse group of partner agencies supporting recovery in disaster-impacted communities. The activities consist primarily of leveraging existing resources and authorities to make a positive impact for communities affected by disasters.
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.