Grant

December 2 - 6, 2019

  • EDA announced five investments from December 2-6, 2019, totaling $4,875,871, which is matched by $4,875,871 in local investments. These investments include the following: (1) $1,600,000 in one Economic Adjustment Assistance project to help communities design and implement strategies to adjust or bring about change to their economy in response to structural damage to their underlying economic base that will help create 200 jobs, save 55 jobs, and leverage $9,000,000 in private investment; (2) $3,207,121 in two Public Works projects to help communities revitalize, expand, and upgrade their physical infrastructure that will help create 411 jobs and leverage $15,600,000 in private investments; and (3) $68,750 in two Local Technical Assistance projects to strengthen the capacity of local or state organizations and institutions to undertake and promote effective economic development programs.
    • $1,600,000 in one Economic Adjustment Assistance project, matched by $400,000 in local investment, as follows:
      • $1,600,000, matched by 400,000 in local investment, to the Mahoning Valley Economic Development Corporation, Youngstown/Trumbull County, Ohio, to support the Mahoning Valley Economic Development Corporation of Youngstown, with establishing the Economically Disadvantaged Growing Entrepreneurs (EDGE) Revolving Loan Fund. The project will provide access to working capital and create a new source of commercial financing in areas impacted by the closure of a prominent automotive plant in Mahoning and Trumbull Counties, located within a designated Opportunity Zone. Once completed, the project will help support women and minority-owned businesses, promote economic diversification, create jobs, and strengthen the regional economy. The grantee estimates that this investment will help create 200 jobs, save 55 jobs, and leverage $9,000,000 in private investment.
    • $3,207,121 in two Public Works projects, matched by $3,207,121 in local investments, as follows:
      • $2,007,121, matched by $2,007,121 in local investment, to the Big Sky Economic Development Authority, Yellowstone/Billings County, Montana, to fund the acquisition and renovations of the Montana National Bank Building, to establish the Rock31 Connect Build Grow incubator program in Billings County, located within an Opportunity Zone. The program will provide a state-of the-art interactive space that offers skills training and hiring resources in the Digital Media, Health Services, Retail, and Oil & Gas support-industries. Once completed, the project will support local revitalization, attract private capital investment, advance economic resiliency, and create jobs throughout the region. The grantee estimates that this investment will help create 95 jobs and leverage $6,600,000 in private investment.
      • $1,200,000, matched by $1,200,000 in local investment, to the City of Albuquerque, Albuquerque/Bernalillo, New Mexico, to fund infrastructure improvements needed to support the redevelopment of a historic rail yard at a 27-acre brownfields site near a designated Opportunity Zone in Albuquerque. The project will increase the resiliency and reliability of the rail line by creating an operational system to enable internet connectivity in the future. Once completed, the project will lay the groundwork for economic re-vitalization in the region, which will create jobs, spur innovation, and support business development throughout the region. The grantee estimates that this investment will help create 316 jobs and leverage $9,000,000 in private investment.
    • $68,750 in two Local Technical Assistance projects matched by $68,750 in local investments, to strengthen the capacity of local or state organizations and institutions to undertake and promote effective economic development programs through projects such as feasibility studies, impact analyses, disaster resiliency plans, and project planning.