|Program||# of Grants||EDA Funds|
|Economic Adjustment Assistance||8||$4,999,525|
|Trade Adjustment Assistance||2||$1,703,411|
Changes in technology and market shifts adversely affected the shipbuilding industry in Los Angeles. City Dock No. 1 at the Los Angeles Port was once home to a massive shipbuilding industry, a large commercial fishing fleet, and a working cannery row. The introduction of containerization in the 1950s and changes in the fishing and cannery industries resulted in the depletion of businesses and the mass exodus of jobs, leaving many of the buildings vacant for several decades.
In September 2016, EDA invested $3 million in Public Works funds to construct infrastructure to support AltaSea, a nonprofit organization, in its quest to convert this vacant site into the Southern California Marine Institute (SCMI). The SCMI provides a collaborative hub for water-dependent researchers, businesses, and entrepreneurs that will help generate new marine discoveries and innovations. A variety of private and governmental grants, New Market Tax Credits, and philanthropy will fund the $150 million project.
The project will create 300 jobs and leverage an estimated $10 million in private investment through its Business, Science, and Education Hubs. The Business Hub will serve as an anchor and catalyst to create science and technology jobs. The Science Hub will provide a home for the world’s leading scientists to conduct groundbreaking ocean-related research and discover solutions to environmental problems, and the Education Hub will help bridge the gap between the Science Hub and local schools, colleges, and universities.