U.S. Commerce Department Invests $1.2 Million to Upgrade Critical Infrastructure to Spur Job Creation and Industry Growth in Osceola, Arkansas
Contact: Public Affairs Department, (202) 482-4085
Tuesday, April 29, 2014
WASHINGTON - U.S. Secretary of Commerce Penny Pritzker today announced that the Department’s Economic Development Administration (EDA) is awarding a $1.2 million grant to the city of Osceola, Arkansas. The investment is expected to create more than 530 jobs and generate more than $1.1 billion in private investment, according to grantee estimates.
“The Obama Administration is committed to improving our nation’s infrastructure, which is crucial for both economic growth and job creation,” said U.S. Secretary of Commerce Penny Pritzker. “This EDA investment will help Arkansas make needed upgrades and improvements that will help attract new business and investment to the Osceola region.”
The EDA grant will make critical water and sewer infrastructure improvements needed to support development in the area. Specifically, the grantee anticipates being able to bring in a proposed $1.2 billion steel mill and corporate headquarters, as well as a railroad tank car off-loading facility that is expected to generate $325 million in private investment.
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.