Contact: Public Affairs Department, (202) 482-4085
Thursday, September 20, 2012
U.S. Department of Commerce Invests $1.5 Million to Support Mixed-Use Development of Thompson's Point in Portland, Maine
WASHINGTON - Acting U.S. Commerce Secretary Rebecca Blank today announced a $1.5 million Economic Development Administration (EDA) grant to the city of Portland, Maine, that will be used to fund the construction of infrastructure to support the city's redevelopment of Thompson's Point into a mixed-use business, arts, sports, and transportation complex. According to grantee estimates, the project will create 455 jobs and attract $105 million in private investment.
"This $1.5 million Economic Development Administration investment in Maine is an example of the Obama administration's commitment to strengthening local infrastructure to support business growth and create jobs," said Acting U.S. Commerce Secretary Rebecca Blank. "Today's grant will help Portland redevelop Thompson's Point, which will help bring new economic strength to the region."
The EDA investment will help improve highway access, roadways, traffic management, safety, and storm water controls. All of these improvements will be made as part of the redevelopment of Thompson's Point into a mixed-use center that will include a convention center, sports complex, and office space. Thompson's Point will also serve as new transportation gateway for Portland, with proximity to Interstate 295, the Portland International Jetport, and the Portland Transportation Center, which is the regional hub for interstate bus and passenger rail transportation in the city.
About the U.S. Economic Development Administration (www.eda.gov)
The mission of the U.S. Economic Development Administration (EDA) is to lead the federal economic development agenda by promoting competitiveness and preparing the nation's regions for growth and success in the worldwide economy. An agency within the U.S. Department of Commerce, EDA makes investments in economically distressed communities in order to create jobs for U.S. workers, promote American innovation, and accelerate long-term sustainable economic growth.