Today, the U.S. Department of Commerce’s Economic Development Administration (EDA) is awarding a $550,000 grant to the Massachusetts Development Finance Authority of Boston, Massachusetts to make critical infrastructure improvements needed to support the development of a new 17-acre industrial site in Belchertown. The EDA grant project, to be located near a Tax Cuts and Jobs Act designated Opportunity Zone, will be matched with $550,000 in state investment, is expected to attract $19.5 million in private investment, and create 262 jobs.
“From day one, President Trump has been committed to improving American infrastructure and job availability,” said U.S. Assistant Secretary of Commerce for Economic Development Dr. John Fleming. “The new Belchertown industrial site will help diversify the region’s economy by attracting new businesses. The project’s location near an Opportunity Zone will further drive private investment into the region.”
The project includes the construction and installation of an electrical feed to the development site, replacement of existing water mains, and construction of an industrial cul-de-sac and storm water management system. These improvements will support the construction of a new industrial brewery and will help attract other businesses to the site.
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.