August 22 - 26, 2016

* This project is funded through the Partnerships for Opportunity and Workforce and Economic Revitalization (POWER) Initiative. POWER is a coordinated effort, involving multiple federal agencies, with the goal of effectively aligning federal economic and workforce development programs and resources to assist communities negatively impacted by changes in the coal industry and power sector.

• $4,974,100 in Economic Adjustment (POWER*) assistance to the University of Pikeville, Kentucky, to fund the purchase of equipment, instructional supplies, and other materials to support the launch of the University’s new College of Optometry (CO). The new CO will be only the second optometry college in the Appalachian Region, and will primarily serve Eastern Kentucky, Southern West Virginia, and Southwestern Virginia. Within the first three years of the award, the CO will graduate 60 optometrists, provide care to 12,000 patients, and bring approximately $26 million in direct economic impact to the regional economy. This investment is part of a $7,474,100 project.
• $2,285,049 in Economic Adjustment (POWER*) assistance to the Upshur County Development Authority, Buckhannon, West Virginia, to fund the construction of an Innovation and Knowledge Business Center in downtown Buckhannon. The Center will be managed by the Upshur County Development Authority and will be targeted to information technology and other technology-based business interests. In addition, the Center will provide flex-office and incubator space. Broadband access will also be available as a result of a privately-funded initiative to address the current lack of broadband access in Upshur County. This investment is part of a $4 million project that the grantee estimates will create 520 jobs and leverage $9 million in private investment.
• $1.8 million in Economic Adjustment (POWER*) assistance to the Randolph County Development Authority, Elkins, West Virginia, to assist with the expansion of an existing manufacturing facility to enable this business to double its current production rate due to a new national contract. The company will invest in excess of $7 million in equipment and wages in the first three years, and will utilize numerous local suppliers that will also see an increase in sales. EDA funds will be used to support the construction of a 27,000SF expansion of an existing 50,000SF metals manufacturing complex, enabling this manufacturer to expand and create 45 new living wage jobs. This investment is part of a $3.645 million project that the grantee estimates will create 45 jobs and leverage $4.5 million in private investment.
• $1,648,400 in Economic Adjustment (POWER*) assistance to the Mingo County Redevelopment Authority and the Mingo County Public Service District, Williamson, West Virginia, to fund upgrades to the Mingo County Air Transportation Park Infrastructure. The project will provide potable water to the Mingo County Air Transportation Park in central Mingo County where light and advanced manufacturing economic development projects will be sited atop a reclaimed surface mine. It will include construction of approximately 62,000 feet of water line, a 500 gallon-per-minute booster pumping station, a one-million-gallon water storage tank, and other related equipment, as well as an on-site sewage, aeration, and absorption system. This investment is part of a $2,060,500 project that the grantees estimate will create 78 jobs, save 78 jobs, and leverage $8.5 million in private investment.
• $1 million in Economic Adjustment (POWER*) assistance to the Bluewell Public Service District, Bluefield, West Virginia, to support the Bluewell Airport Road Infrastructure Project, which will extend public water service along Route 52 and Airport Road to the Mercer County Regional Airport. In addition to providing essential infrastructure to the regional airport, the project will create 38 new jobs and capitalize on an existing regional asset by providing funding for a strategic plan that will position the airport and its adjoining 200 acres of flat, developable land as an economic driver for four counties in Southern West Virginia and Southwestern Virginia. This investment is part of a $3.57 million project.
• $800,000 in Economic Adjustment assistance to the Catawba Regional Council of Governments, Rock Hill, South Carolina, to fund the creation of the South Carolina Agribusiness Loan Fund, a revolving loan fund (RLF). The RLF will offer capital financing/gap lending to family-owned and small corporate farms, agribusinesses, and aquaculture-related companies in 32 counties of South Carolina severely impacted by the 2015 floods. This investment is part of a $1 million project.
• $500,000 in Economic Adjustment assistance to the South Eastern Development Foundation, Sioux Falls, South Dakota, to support the recapitalization of an existing revolving loan fund (RLF) in Sioux Falls. The RLF will offer capital financing to new, existing, and expanding businesses in Lincoln and Minnehaha counties impacted by the December 2015 closure of a major financial institution. This investment is part of a $1 million project.
• $250,000 in Economic Adjustment (POWER*) assistance to Advantage Valley, Inc., Huntington, West Virginia, to fund the Advantage Valley, Inc. Site Development and Small Business Feasibility Study. This study will identify sites for commercial development within identified clusters (including manufacturing, chemical and polymer production, and supply chain distribution), and how small business activities can be targeted to meet the needs of existing and new industry clusters (such as health care) in an eight-county area. It will also support the analysis of the critical components necessary to establish a site development fund, along with additional content needed to effectively address two of the most critical deficiencies in the applicant’s current economic development strategy, which include: 1) the lack of shovel-ready project sites, and; 2) lack of comprehensive, actionable information regarding the most viable opportunities for targeted small business development. This investment is part of a $370,000 project.
• $120,000 in Economic Adjustment (POWER*) assistance to the New River Gorge Regional Development Authority, Beckley, West Virginia, to fund a regional business loan study to assess the feasibility of establishing a comprehensive Regional Loan Fund to serve an eight-county region of southern West Virginia severely impacted by mine closures. This investment is part of a $150,000 project.