U.S. Department of Commerce to Invest $1.47 Million to Spur Growth of Innovative Agriculture and Food Manufacturing Businesses Near Geneva, New York, Opportunity Zone
WASHINGTON – Today, U.S. Secretary of Commerce Wilbur Ross announced that the Department’s Economic Development Administration (EDA) is awarding a $1.47 million grant to the Cornell Agriculture and Food Technology Park in Geneva, New York, to support the development and expansion of innovative agriculture and food-related manufacturing businesses in the region. The EDA grant, to be located near a Tax Cuts and Jobs Act Opportunity Zone, will be matched with more than $600,000 in state and local funds.
“The Trump Administration is pleased to support local and regional efforts to boost Geneva’s potential as a hub for agriculture and food innovation,” said Secretary of Commerce Wilbur Ross. “This investment will help diversify and grow the regional economy by providing the infrastructure and manufacturing space that agricultural businesses need to develop and expand.”
“This project will greatly improve the Cornell Agriculture and Food Technology Park and provide critical additional manufacturing and ancillary space,” said Dana Gartzke, Performing the Delegated Duties of the Assistant Secretary of Commerce for Economic Development. “This investment will fund the construction of a multi-tenant manufacturing facility that will attract and retain businesses, improve the region’s economic stability and resiliency, and maximize the project’s location near an Opportunity Zone to drive private investment to the region.”
The funding announced today will catalyze private investment in a nearby Opportunity Zone. Created by President Donald J. Trump’s 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.
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.