U.S. Department of Commerce Invests $700,000 to Make Critical Infrastructure Improvements Needed to Support Business Growth in Laguna Vista, Texas Opportunity Zone
WASHINGTON – Today, the U.S. Department of Commerce’s Economic Development Administration (EDA) is awarding a $700,000 grant to Laguna Madre Water District of Laguna Vista, Texas, to help attract new businesses to the region by increasing the capacity of the city’s existing wastewater system. The grant, to be located in a Tax Cuts and Jobs Act designated Opportunity Zone, will be matched with $300,000 in local funds.
“Antiquated infrastructure has stunted economic growth in many communities across America,” said U.S. Assistant Secretary of Commerce for Economic Development Dr. John Fleming. “This project will provide the town of Laguna Vista, and a designated Opportunity Zone, with the critical infrastructure improvements needed to support the growth of the local business community.”
A $700,000 EDA grant to the town of Laguna Vista and Laguna Madre Water District will extend wastewater services to previously undeveloped areas within the community. With a growing ecotourism industry, this project will provide the critical infrastructure needed to allow Laguna Vista to attract businesses and tourism.
The funding announced today goes to a designated Opportunity Zone, created by President Donald J. Trump’s Tax Cuts and Jobs Act of 2017 to spur economic development by giving tax incentives to investors 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 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.