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A bureau within the U.S. Department of Commerce


Press Release

Business Owners in Waverly to Benefit from Department of Commerce Investment to Offset Flooding

WASHINGTON - U.S. Commerce Secretary Gary Locke today announced a $3.1 million U.S. Economic Development Administration (EDA) grant to the city of Waverly, Iowa to replace an existing, concrete dam with an inflatable, rubber bladder dam to control water flows during periods of flooding.

"The Obama Administration is committed to creating jobs and has invested in Iowa to advance economic recovery in the wake of the 2008 floods," Locke said. "The new dam will better protect the Waverly businesses community from flooding, and allow it to continue to grow and shape the downtown area."

"The flood of 2008 had a devastating effect across the state of Iowa," said U.S. Congressman Bruce Braley. "The community of Waverly has shown their resilience by working together to rebuild their city. This grant allows Waverly to be prepared for future natural disasters and to continue down the path toward a full recovery."

During flooding in June 2008, Waverly's downtown suffered significant damage. The city estimates that 140 businesses were directly damaged by the floods and another 180 businesses were indirectly impacted, through closings and loss of sales because of the floodwaters.

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.