U.S. Economic Development Administration Invests $1 Million to Help Build Biomedical Research and Technology Commercialization Facility in El Paso, Texas
Contact: Public Affairs Department, (202) 482-4085
Monday, June 24, 2013
WASHINGTON — The U.S. Commerce Department’s Economic Development Administration (EDA) today announced a $1 million grant to the Medical Center of the Americas Foundation of El Paso, Texas, to fund the design and engineering of a new biomedical research and technology commercialization building. The facility will be a key part of a new biomedical technology center that will support an existing industry cluster in the El Paso region and help revitalize an economically distressed community.
“This EDA investment is a great example of the Obama administration’s commitment to supporting collaborative regional innovation, entrepreneurship, and economic growth,” said U.S. Deputy Assistant Secretary of Commerce for Economic Development Matt Erskine. “The EDA grant announced today will help provide a new place for biotechnology and medical businesses in west Texas to grow and establish cross-border links throughout the entire Paseo del Norte region.”
The EDA funds will be used for the design and engineering of a LEED-certified 80,000-square-foot biomedical research and technology commercialization building. It will be the anchor for a new medical district being developed in El Paso, the Medical Center of the Americas. The center is designed to support growth of the region’s existing biomedical cluster and, when completed, will provide office suites, laboratories, incubator space, and other flexible work spaces suitable for companies in this growing sector.
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.