Today, U.S. Secretary of Commerce Wilbur Ross announced that the Department’s Economic Development Administration (EDA) is awarding a $2.45 million grant to Atlantic City, New Jersey, to make stormwater infrastructure improvements needed to protect downtown businesses from flooding and facilitate the location of new businesses, including major medical and energy enterprises. The EDA grant, to be located in two Tax Cuts and Jobs Act Opportunity Zone, will be matched with over $7 million in local funds and is expected to create 65 jobs and generate $83 million in private investment.
“The Trump Administration is committed to helping American communities obtain the modern infrastructure they need to encourage business attraction and growth,” said Secretary of Commerce Wilbur Ross. “This project will provide Atlantic City with the necessary stormwater infrastructure to protect its businesses and encourage growth of medical and energy sector companies. The project’s location in two Opportunity Zones will drive additional public and private investment to the area.”
“EDA is expanding its commitment to economic growth and resiliency in Atlantic City by supporting local efforts to increase the Baltic Avenue Canal’s rainwater capacity and improve its drainage,” said Dana Gartzke, Performing the Delegated Duties of the Assistant Secretary of Commerce for Economic Development. “This project builds upon the successful and significant investment EDA provided in 2013 to modernize the flood gates in the canal, and its location in two Opportunity Zones provides additional incentive for even more business and community development.”
The funding announced today goes to two of New Jersey’s 169 Opportunity Zones. Created by President Donald J. Trump’s Tax Cuts and Jobs Act of 2017, Opportunity Zones are spurring economic development 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 Commerce Department’s work in Opportunity Zones, please visit EDA’s Opportunity Zones webpage. To learn more about the Opportunity Zone program, see the Opportunity Now resources webpage. To learn more about Opportunity Zone best practices, see the recently released White House Opportunity and Revitalization Council Report (PDF) to President Trump.
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.