U.S. Department of Commerce Invests to Help Establish Industrial Park in Opportunity Zone in Berryville, Arkansas
WASHINGTON – Today, U.S. Secretary of Commerce Wilbur Ross announced that the Department’s Economic Development Administration (EDA) is awarding a $1.5 million grant to the city of Berryville, Arkansas, to provide critical infrastructure needed to establish a 160-acre industrial park. The project, to be located in a Tax Cuts and Jobs Act designated Opportunity Zone, will be matched with $401,100 in local funds and is expected to create or retain more than 400 jobs and spur more than $330 million in private investment.
“President Trump is committed to supporting business growth and economic development across the country,” said Secretary of Commerce Wilbur Ross. “The Berryville industrial park will make the region a more attractive place for new investment and the project’s location in a Tax Cuts and Jobs Act Opportunity Zone will provide additional tax incentives for business development.”
“Opportunity Zones were designed to spur investment and lead to good jobs and economic growth,” said Senator Boozman. “This EDA grant will allow the Berryville industrial park to offer both while leveraging private investment and laying the groundwork for future development. I’m pleased this grant is being awarded to this project and am hopeful it will deliver more benefits to the region in the future.”
“This strategic investment in our community will serve as a catalyst for economic growth and opportunity,” said Congressman Womack. “Long-term infrastructure improvements for the Berryville industrial park will create jobs, boost business competitiveness, and support economic growth in Arkansas. Opportunity Zones are unlocking the potential of regions across the country, and I look forward to seeing the positive impact right here in the Third District.”
The project will consist of street and drainage improvements and wastewater extensions to serve the industrial park. This project was made possible by the regional planning efforts led by the Northwest Arkansas Economic Development District (NWAEDD). EDA funds NWAEDD 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.
The funding announced today goes to a Tax Cuts and Jobs Act designated Opportunity Zone, which provides 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, see the Treasury Department resources page here. To learn more about the Department’s work in Opportunity Zones, read our blog post.
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.