Today, the U.S. Department of Commerce’s Economic Development Administration (EDA) is awarding a $695,965 grant to the Town of Seabrook, New Hampshire, to make critical infrastructure improvements needed to support the local fishing fleet and the NextEra nuclear power station. The grant, to be located near a Tax Cuts and Jobs Act designated Opportunity Zone, will be matched with $695,966 in local funds and is expected to help retain 200 jobs.
“President Trump is committed to helping communities across the nation develop the critical infrastructure they need to support business development and growth,” said U.S. Assistant Secretary of Commerce for Economic Development Dr. John Fleming. “This project will support the needs of the local commercial fishing and power sectors. The nearby Tax Cuts and Jobs Act Opportunity Zone will further incentivize businesses to invest in the area and help reinvigorate the local economy.”
The project will help to repair the Seabrook Seawall to ensure the continued use of the wharf and adjacent channel. The work will include the replacement of the existing bulkhead and the re-grading and paving of land behind the seawall.
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.