U.S. Economic Development Administration Invests $500,000 to Help Create Promise Zone Plan for Economic Growth in San Antonio, Texas
Contact: Public Affairs Department, (202) 482-4085
Wednesday, August 13, 2014
Wednesday, August 13, 2014
WASHINGTON — The U.S. Commerce Department’s Economic Development Administration (EDA) today announced a $500,000 grant to San Antonio Growth on the Eastside (SAGE) in San Antonio, Texas. EDA’s investment will help SAGE conduct the necessary analysis to develop the Eastpoint Promise Zone Economic Development Strategy.
“Economic development is a continuum,” said Assistant Secretary of Commerce for Economic Development Jay Williams. “Some communities need help knowing where to get started, and the grant announced by EDA today will enable SAGE to develop an effective strategy to addressing the issues facing the region’s economy.”
President Obama’s Promise Zone initiative, which is led by the U.S. Department of Housing and Urban Development, is intended to comprehensively revitalize distressed communities by partnering with local communities and businesses to create jobs, increase economic security, reduce poverty, expand educational opportunities, increase access to quality, affordable housing, and improve public safety. The initiative was announced in last year’s State of the Union Address, and the city of San Antonio is one of five cities selected as federally designated Promise Zones.
EDA’s investment will provide financial assistance to SAGE for the development of the Eastpoint Promise Zone Economic Development Strategy as well as the implementation of initiatives identified within the plan. According to the grantee, the region has suffered from recent disinvestment in the area, because rents and fair market values do not support real estate development that provides a fair return to investor developers. As a result there is a need to reassess the current conditions of the real estate market and evaluate the highest and best use for properties in key commercial nodes in the footprint. The market analysis funded by this request will provide critical information for the types of businesses that SAGE can focus on for recruitment efforts, as well as identify linkage opportunities for existing businesses and thereby create expansion and job opportunities. According to the grantee, the implementation of this strategy will ultimately help expand job growth, create new businesses and raise the standard of living due to new public transportation.
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.