U.S. Department of Commerce Invests $9.9 Million to Support the Shipping Industry in New York and New Jersey; Will Generate $19.5 Million in Private Investment
WASHINGTON – U.S. Secretary of Commerce Wilbur Ross today announced that the Department’s Economic Development Administration (EDA) is awarding a $9.9 million grant to the Port Authority of New York and New Jersey to make infrastructure developments needed to improve access for vessels that will be repaired in the dry dock at the former Marine Ocean Terminal in Bayonne. According to grantee estimates, the project is expected to create 75 jobs and generate $19.5 million in private investment.
“The Trump Administration has diligently labored to address the challenges facing countless American cities,” said Secretary of Commerce Wilbur Ross. “These infrastructure improvements to the former military facility will help to support the region’s critical commercial shipping industry.”
The project will demolish and rebuild two existing failing platforms (E1 & E2) that are located at the entry to the dry dock. These platforms are currently non-operational and the new infrastructure will allow the dry dock to function more efficiently. In addition, the rebuilt platforms will allow the dry dock operator to accomplish topside repairs.
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.