Today, U.S. Secretary of Commerce Wilbur Ross announced that the Department’s Economic Development Administration (EDA) is investing in critical water infrastructure upgrades needed to protect local businesses from future flood events in Lake City, South Carolina, an investment which will be matched with $449,632 in local funds. This investment will support a Tax Cuts and Jobs Act designated Opportunity Zone.
“Helping our communities advance their disaster recovery efforts is a major priority for the Trump Administration,” said Secretary of Commerce Wilbur Ross. “The water system improvements to be deployed in Lake City will help to fortify and protect critical infrastructure that businesses in the region rely on and attract further investment to a Tax Cuts and Jobs Act designated Opportunity Zone.”
“With the South Carolina Floodwater Commission, we have brought experts from across the state together to comprehensively address flooding in our communities,” said Governor Henry McMaster. “The U.S. Department of Commerce’s investment in Lake City shows that our partners on the federal level are as committed to this cause as we are, and we are grateful for their continued support.”
EDA is awarding a $1.8 million grant to Lake City to help provide wastewater system upgrades that will support continued business operations in the event of future flood threats in a region impacted by Hurricane Irma. This project was made possible by the regional planning efforts led by the Pee Dee Regional Council of Government. EDA funds the Pee Dee Regional Council of Government 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 a Tax Cuts and Jobs Act designated Opportunity Zone, which provides special incentives for further private sector participation and development. Created by President Donald J. Trump’s Tax Cuts and Jobs Act of 2017, Opportunity Zone designations spur economic development by giving tax incentives to investors in economically-distressed communities nationwide.
This project is funded under the Bipartisan Budget Act of 2018 (PL 115-123) (PDF), in which Congress appropriated to EDA $600 million in additional Economic Adjustment Assistance (EAA) Program (PDF) funds for disaster relief and recovery as a result of Hurricanes Harvey, Irma, and Maria, wildfires and other calendar year 2017 natural disasters under the Stafford Act.
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.