Commerce Department Investment to Revitalize Cherry Street Industrial Area in Support of Business Development
September 14, 2010
Contact: John Atwood, (202) 482-4085
WASHINGTON - U.S. Commerce Secretary Gary Locke today announced a $1.14 million U.S. Economic Development Administration (EDA) grant to the city of Waterbury, Conn., and the Waterbury Development Corporation to redevelop the Cherry Street industrial area into a new business park. The project is expected to save 50 jobs, create 11 jobs, and generate up to $4 million in private investment, according to grantee estimates.
"The Obama administration is committed to job growth and business development, and this grant will fund vital infrastructure needed in the Waterbury community," Locke said. "This project will support job creation and local industries by providing improved and modernized infrastructure needed to attract new business development to the Cherry Street industrial area."
"The City of Waterbury has had a long history working with EDA on brownfield redevelopment. Financing for this inner city industrial site demands that we use all available resources at our command and EDA's investment is critical to the project's success. The city, region and state need to retain these jobs while assisting companies to expand and creating a living wage for our citizens," said Waterbury Mayor Michael J. Jarjura.
This grant will provide incentives for developers and businesses that have plans for expansion and construction in the Cherry Street industrial area to move forward. An earlier EDA investment funding a brownfield reuse strategy indentified and promoted this site for reuse for business development.
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.