Spotlight: EDA Invests in Infrastructure to Boost Manufacturing and Entrepreneurship Activity in New Jersey Opportunity Zone
On May 16, Assistant Secretary John Fleming announced that EDA is investing $3 million to upgrade and improve infrastructure in the Town of Kearney, New Jersey. The project is expected to help create more than 7,000 jobs, generate $1 billion in private investment and be matched by $1.3 million in local funds.
“The Trump Administration is proud to award its first Opportunity Zone grant in New Jersey, utilizing this valuable tool which was created as part of President Trump’s Tax Cuts and Jobs Act to better serve America’s economically distressed areas,” said Secretary Ross. “The added investment incentive provided by the Opportunity Zone program, coupled with the Commerce Department grant, will attract new business to Kearny’s new manufacturing, office, and entrepreneur space, and generate economic opportunity throughout the region.”
“Kearny Point is the type of true public/private partnership that EDA is eager to invest in,” said Assistant Secretary Fleming. “The added investment incentive provided by the Opportunity Zone program will help to attract new businesses here.”
The $3 million EDA grant will support the Kearney Point business center development, specifically making roadway infrastructure improvements needed to open better access to the center. The Kearney Point business center will include manufacturing, office, and entrepreneur space that will contain 2 million square feet across five buildings.
The center is located in a Tax Cuts and Jobs Act designated Opportunity Zone, providing special incentives for further private sector participation and development. Created by President Donald J. Trump’s Tax Cuts and Jobs Act of 2017, Opportunity Zone designations spur economic development by giving tax incentives to investors in economically-distressed communities nationwide. To learn more about the Opportunity Zone program, visit the Treasury Department resources page. To learn more about the Department’s work in Opportunity Zones, read our blog post.
Since the beginning of the Trump Administration, EDA has invested over $508 million in 286 infrastructure projects to help communities and regions build the capacity for economic development. These included over $469 million in 258 projects that are, according to recipient estimates, expected to create and/or retain 98,536 jobs and attract close to $10.9 billion in private investment.