Commerce Department Investment Increases Industrial Capacity in Storm-Impacted New Albany, Indiana
May 25, 2010
Contact: John Atwood, (202) 482-4085
WASHINGTON - U.S. Commerce Secretary Gary Locke today announced a $1.735 million Economic Development Administration (EDA) grant to the city of New Albany, Indiana to make infrastructure improvements needed to expand the city's industrial park. The project is expected to create 835 jobs and generate $45.65 million in private investment, according to grantee estimates.
"The Obama Administration is committed to creating jobs, encouraging innovation and improving our nation's economic competitiveness," Locke said. "New Albany's business community was severely impacted by hurricane strength winds in 2008. By increasing the availability of industrial land we will advance business expansion plans and help attract new businesses and jobs to the region."
The EDA investment will fund the construction of roads, a sanitary sewer system and a railroad crossing with drop gates, lights, and signals to serve the 40-acre expansion.
About the U.S. Economic Development Administration (www.eda.gov):
This year, the U.S. Economic Development Administration (EDA) marks 45 years of public service, with a mission of leading the federal economic development agenda by promoting competitiveness and preparing American regions for growth and success in the worldwide economy. EDA is an agency within the U.S. Department of Commerce that partners with distressed communities throughout the United States to foster job creation, collaboration and innovation