Today, U.S. Secretary of Commerce Wilbur Ross announced that the Department’s Economic Development Administration (EDA) is awarding a $1.9 million grant to the UNLV Research Foundation, Las Vegas, Nevada, to help make infrastructure improvements needed to attract new tenants to the Harry Reid Research and Technology Park. The project, to be located near a Tax Cuts and Jobs Act designated Opportunity Zone, will be matched with $1.9 million in local funds, and is expected to help create 426 new jobs, retain 11 jobs, and generate $47 million in private investment.
“Revitalizing America’s infrastructure is a top priority for the Trump Administration,” said Secretary of Commerce Wilbur Ross. “This project will provide the necessary improvements needed to bring new tenants to the UNLV technology park.”
“The project will improve Jim Rogers Way to include new storm drainage, Teco Avenue will be expanded, and a new entry at Post Road will be added to increase access to the park,” said U.S. Assistant Secretary of Commerce for Economic Development Dr. John Fleming. “The project’s location near a Tax Cuts and Jobs Act Opportunity Zone will help communities in the area improve economically and provide additional tax incentives for business development.”
“Boosting economic development in Nevada is a top priority of mine and critical to the success of our state,” said Governor Sisolak. “I am proud of the work done by the UNLV Research Foundation in the past, and I am excited to see that this grant will help create hundreds of new jobs in Nevada and spur tens of millions in private investment.”
“The UNLV Research Foundation has helped to bolster Southern Nevada’s economic development,” said Senator Rosen. “This grant will be used for infrastructure improvements to the UNLV Research Foundation’s Harry Reid Research and Technology Park, boosting a growing field in the state of Nevada. I will continue to advocate for funding that supports Nevada institutions and better helps our state achieve economic success.”
The funding announced today goes to a designated Opportunity Zone, created by President Donald J. Trump’s Tax Cuts and Jobs Act of 2017 to spur economic development by giving tax incentives to investors in economically-distressed communities nationwide. In June 2019, EDA added Opportunity Zones as an Investment Priority, which increases the number of catalytic Opportunity Zone-related projects that EDA can fund to fuel greater public investment in these areas. To learn more about the Opportunity Zone program, see the Treasury Department resources page here. To learn more about the Commerce Department’s work in Opportunity Zones, please visit EDA’s Opportunity Zones webpage.
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.