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 city of Longview, Washington, to help construct critical road infrastructure to reduce congestion and provide access to developable land. The grant, to be located in 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 200 jobs and generate $111 million in private investment.
“President Trump is working hard to rebuild our country’s crumbling infrastructure and drive investment to specially designated Opportunity Zones,” said Secretary of Commerce Wilbur Ross.
“This project will help to extend Beech Street from 14th Avenue to California Way to establish a prime location for businesses to locate,” said U.S. Assistant Secretary of Commerce for Economic Development Dr. John Fleming.” “The project’s location in a Tax Cuts and Jobs Act Opportunity Zone will contribute to economic development of the area and provide additional tax incentives for business development.”
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.