U.S. Department of Commerce Invests $2.3 Million to Protect Businesses from Flooding in Maquoketa, Iowa, Opportunity Zone
WASHINGTON – Today, U.S. Secretary of Commerce Wilbur Ross announced that the Department’s Economic Development Administration (EDA) is awarding a $2.3 million grant to the city of Maquoketa, Iowa, to make stormwater infrastructure improvements needed to protect the city’s industrial parks and commercial areas from future floods. The EDA grant, to be located in a Tax Cuts and Jobs Act Opportunity Zone, will be matched with $572,200 in local funds and is expected to create or retain nearly 100 jobs.
“The Trump Administration is committed to helping disaster-impacted American communities obtain the modern infrastructure they need to build economic resiliency against future natural disasters,” said Secretary of Commerce Wilbur Ross. “These stormwater improvements will help Maquoketa protect the local business community from flooding, and the project’s location in an Opportunity Zone will drive additional public and private investment to the community.”
“Maquoketa has been adversely impacted by past floods, including the floods of March 2019,” said Dana Gartzke, Performing the Delegated Duties of the Assistant Secretary of Commerce for Economic Development. “This project will help the city become more resilient in the face of future natural disasters, and its location in an Opportunity Zone will attract the private investment Maquoketa needs to further diversify and grow their economy.”
“I’m glad the Economic Development Administration has awarded a $2.3 million grant to the city of Maquoketa,” said Senator Chuck Grassley. “Flooding and other natural disasters have negatively impacted communities all across Iowa over the years. I applaud the city of Maquoketa for utilizing this grant to make infrastructure improvements to protect areas of the city from future floods.”
The funding announced today goes to one of Iowa’s 62 Opportunity Zones. Tax Cuts and Jobs Act of 2017, Opportunity Zones are spurring economic development in economically-distressed communities nationwide. In June 2019, EDA added Opportunity Zones as an Investment Priority, which increases the number of catalytic Opportunity Zone-related projects that EDA can fund to fuel greater public investment in these areas. To learn more about the Commerce Department’s work in Opportunity Zones, please visit EDA’s Opportunity Zones webpage. To learn more about the Opportunity Zone program, see the Opportunity Now resources webpage. To learn more about Opportunity Zone best practices, see the recently released White House Opportunity and Revitalization Council Report (PDF) to President Trump.
This project is funded by the Additional Supplemental Appropriations for Disaster Relief Act of 2019 (Pub. L. 116-20) (PDF), which provided EDA with $600 million in additional Economic Adjustment Assistance (EAA) Program (PDF) Program funds for disaster relief and recovery for areas affected by Hurricanes Florence, Michael, and Lane, Typhoons Yutu and Mangkhut, wildfires, volcanic eruptions, and other major natural disasters occurring in calendar year 2018, and tornadoes and floods occurring in calendar year 2019, under the Robert T. Stafford Act. Please visit EDA’s Disaster Supplemental webpage for more information.
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.