U.S. Department of Commerce Invests $3 Million to Help Protect and Grow Businesses in Peosta, Iowa
WASHINGTON – Today, U.S. Secretary of Commerce Wilbur Ross announced that the Department’s Economic Development Administration (EDA) is awarding a $3 million grant to the City of Peosta to make critical water infrastructure improvements needed to safeguard local businesses against future flooding. According to grantee estimates, the project is expected to create 183 jobs, retain 274 jobs, and spur $6.4 million in private investment.
“When disaster struck across the country in 2017, the Trump Administration stood ready to help American communities recover,” said Secretary of Commerce Wilbur Ross. “This project will not only shield businesses in Peosta from the effects of future floods, but will also provide local manufacturers with better infrastructure necessary to growing their businesses.”
This investment will fund the construction of a new wastewater treatment facility serving a local industrial park. This long-term improvement project will help mitigate the effects of future flood events and allow local manufacturing businesses the opportunity to expand. This project was made possible by the regional planning efforts led by the East Central Intergovernmental Association. EDA funds the East Central Intergovernmental Association to bring together the public and private sectors to create an economic development roadmap to strengthen the regional economy, support private capital investment, and create jobs.
This project is funded under the Bipartisan Budget Act of 2018 (PL 115-123) (PDF), in which Congress appropriated to EDA $600 million in additional Economic Adjustment Assistance (EAA) Program (PDF) funds for disaster relief and recovery as a result of Hurricanes Harvey, Irma, and Maria, wildfires, and other calendar year 2017 natural disasters under the Stafford Act.
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.