Today, U.S. Secretary of Commerce Gina Raimondo announced that the Department’s Economic Development Administration (EDA) is awarding a $1.5 million grant to Cole County, Missouri, for rail and transportation infrastructure improvements needed to support economic development in the region.
This project will provide a rail spur and other transportation-related infrastructure needed to establish a multi-modal transload facility within the Algoa Industrial Park, supporting job creation, workforce development and economic growth. This EDA grant will be matched with $1.7 million in local funds and is expected to generate $8 million in private investment, according to grantee estimates.
“President Biden is committed to supporting communities across the country as they improve their regional economies,” said Secretary of Commerce Gina Raimondo. “This EDA investment will provide transportation support that will help lower transportation costs for shipments for Missouri producers and consumers.”
“The Economic Development Administration is pleased to support Cole County as it seeks to grow the region’s economy,” said Assistant Secretary of Commerce for Economic Development Alejandra Y. Castillo. “This project will provide the transportation infrastructure that businesses in the region need to prosper and create new jobs.”
This project was made possible by the regional planning efforts led by the Mid-Missouri Regional Planning Commission (Mid-MO RPC). EDA funds Mid-MO RPC 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.
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 invests in communities and supports regional collaboration in order to create jobs for U.S. workers, promote American innovation, and accelerate long-term sustainable economic growth.