October 14, 2020

EDA: $4.8 Million Invested to Protect Businesses from Flooding and Support Economic Growth in Moberly, MO Opportunity Zone

Today, U.S. Secretary of Commerce Wilbur Ross announced that the Department’s Economic Development Administration (EDA) is awarding a $4.8 million grant to the city of Moberly, Missouri, to make water and wastewater infrastructure improvements needed to support businesses growth. The EDA grant, to be located in a Tax Cuts and Jobs Act Opportunity Zone, will be matched with $1.6 million in local funds and is expected to create 200 jobs and generate $68 million in private investment.

“The Trump Administration is committed to helping American communities affected by natural disasters update infrastructure to attract and grow businesses,” said Secretary of Commerce Wilbur Ross. “This project will enable Moberly to create a flood-resistant downtown business district that will support the needs of both established and new businesses and increase water capacity at the Moberly Area Industrial Park to serve a major meat-packing facility and other businesses. The project’s location in an Opportunity Zone will attract additional investment.”

“Significant flooding in the spring of 2019 severely impacted Moberly,” said Dana Gartzke, Performing the Delegated Duties of the Assistant Secretary of Commerce for Economic Development. “These infrastructure upgrades will enhance businesses’ ability to be resilient in the face of future natural disasters, and the project’s Opportunity Zone designation will further transform the community.”

“We know how important a strong infrastructure is to both flood prevention and economic development here in Missouri,” said Governor Mike Parson. “This grant will help make key water and wastewater infrastructure improvements in the Moberly area, building on our efforts to protect communities from future flooding and support new businesses growth across the state.”

“I’m glad the City of Moberly is getting additional resources for infrastructure upgrades that will support economic growth and help prevent costly, disruptive flooding,” said Senator Roy Blunt. “I appreciate the administration for investing in this project, which will improve the quality of life and increase competitiveness in the region.”

“This investment will provide crucial resources for Moberly to build and improve critical infrastructure to protect working families and small businesses from intense flooding in the future and boost economic resilience in the local economy for years to come,” said Senator Josh Hawley.

“I supported the Tax Cuts and Jobs Act to help communities like Moberly revitalize their economy,” said Congresswoman Vicky Hartzler (MO-04). “This grant will bring nearly $70 million into the community, creating hundreds of jobs for people in Randolph County and the surrounding communities. I applaud President Trump for working hard to invest in Missouri’s Fourth Congressional District. From my first day in Washington, I have made every effort to improve the lives of rural Missourians and this administration has done the same. Opportunity Zones were established through the Tax Cuts and Jobs Act to encourage more investment in communities like Moberly. I look forward to seeing more localities increase private investment in their communities through this legislation.”

This project was made possible by the regional planning efforts led by the Mark Twain Regional Council of Governments, which EDA funds 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.

The funding announced today goes to one of Missouri’s 161 Opportunity Zones. Created by President Donald J. Trump’s Tax Cuts and Jobs Act of 2017Opportunity 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.

This project is funded by the Additional Supplemental Appropriations for Disaster Relief Act of 2019 (Pub. L. 116-20) (PDF), which provided EDA with $600 million in additional Economic Adjustment Assistance (EAA) Program (PDF) Program funds for disaster relief and recovery for areas affected by Hurricanes Florence, Michael, and Lane, Typhoons Yutu and Mangkhut, wildfires, volcanic eruptions, and other major natural disasters occurring in calendar year 2018, and tornadoes and floods occurring in calendar year 2019, under the Robert T. Stafford Act. Please visit EDA’s Disaster Supplemental webpage for more information.

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.

This post was originally published here.