Cedar Falls Businesses to Benefit from Commerce Department
June 18, 2010
Contact: John Atwood, (202) 482-4085
Investment in Rail Industrial Park
WASHINGTON - U.S. Commerce Secretary Gary Locke today announced a $5.5 million Economic Development Administration (EDA) grant to the city of Cedar Falls, Iowa, to help build the Northern Cedar Falls Industrial Park. The project is expected to create 700 new jobs and generate $30 to $50 million in private investment, according to grantee estimates.
"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. "This EDA grant will provide the critical infrastructure needed to establish a modern industrial park that will create jobs by attracting new businesses to Cedar Falls."
The project will include grading of the 103-acre site; extension of all required utilities; road upgrades; rail spur design and construction; and an internal industrial park roadway for needed access. The industrial park will also provide an entirely new opportunity for economic development activity, with rail access that is not currently available anywhere else in the city of Cedar Falls.
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.