EDA: $1.2 Million Invested to Establish New Business Park in Richfield, NY

Today, U.S. Secretary of Commerce Wilbur Ross announced that the Department’s Economic Development Administration (EDA) is awarding a $1.2 million grant to the County of Otsego Industrial Development Agency, Oneonta, New York, to establish the Richfield Springs Eco-Industrial Business Park. The EDA grant, to be matched with $325,000 in state funds and $875,000 in local funds, is expected to generate more than $10.5 million in private investment.

“Creating job opportunities for Americans is a cornerstone of the Trump Administration’s economic plan,” said Secretary of Commerce Wilbur Ross. “This new business park will provide Oneonta with the critical infrastructure needed to attract more businesses and jobs to the region.”

“Construction of the Richfield Springs Eco-Industrial Business Park will accommodate larger facilities for two of the region’s growing glass and recycling companies,” said Dana Gartzke, Performing the Delegated Duties of the Assistant Secretary of Commerce for Economic Development. “EDA is pleased to support the Otsego County Industrial Development Agency in building infrastructure that will continue to grow the Oneonta area’s economy and attract more business to the region.”

“I am pleased to see this federal investment in the Otsego County Industrial Development Agency to support the construction of the Richfield Springs Eco-Industrial Business Park,” said Congressman Antonio Delgado (NY-19). ‘This grant funding will help create good-paying jobs in Otsego County, grow our local economy, and support business development in the region.”

This project was made possible by the regional planning efforts led by the Mohawk Valley Economic Development District, Inc., which EDA funds to help 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.

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.

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