Today, U.S. Secretary of Commerce Wilbur Ross announced that the Department’s Economic Development Administration (EDA) is investing $3.1 million in the Town of Ludlow, Massachusetts, to help support of the growth of local manufacturing by improving Riverside Drive. The project, to be matched with $3.1 million in local funds, is located in a Tax Cuts and Jobs Act designated Opportunity Zone and is expected to create more than 950 jobs and generate more than $90.6 million in private investment.
“The American manufacturing sector has experienced a new revival under President Donald J. Trump,” said Secretary of Commerce Wilbur Ross. “Improving Riverside Drive will support the needs of larger commercial and industrial users which require reliable water and sanitary sewer systems, as well as electric and communication services, to be competitive in the regional and global economy. The Tax Cuts and Jobs Act Opportunity Zone designation will further incentivize businesses to invest in the area and develop the local economy.”
“Today’s $3.1 million grant announcement from the U.S. Department of Commerce will bring the Riverside Drive project at Ludlow Mills one step closer to completion,” said Congressman Richard E. Neal. “I have visited the site many times and know how important this federal investment is to the Town of Ludlow. The transformation of the former mill on the Chicopee River has been impressive, and I am pleased to have been an enthusiastic supporter of this business and housing venture from the start.”
The Riverside Drive improvement project will include construction of approximately 4,500 feet of public roadway including water and sewer lines and underground utilities to provide safe and adequate access to new manufacturing space within Ludlow’s industrial area. This project was made possible by the regional planning efforts led by the Pioneer Valley Planning Commission. EDA funds the Pioneer Valley Planning Commission 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 Tax Cuts and Jobs Act designated Opportunity Zone, which provides special incentives for further private sector participation and development. Created by President Donald J. Trump’s Tax Cuts and Jobs Act of 2017, Opportunity Zone designations spur economic development by giving tax incentives to investors in economically-distressed communities nationwide. To learn more about the Opportunity Zone program, see the Treasury Department resources page here. To learn more about the Department’s work in Opportunity Zones, read our blog post.
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.