U.S. Department of Commerce Invests in Critical Infrastructure Upgrades in Cave City, Kentucky Opportunity Zone
WASHINGTON – Today, U.S. Secretary of Commerce Wilbur Ross announced that the Department’s Economic Development Administration (EDA) is awarding a $1.4 million grant to Caveland Environmental Authority, Inc., of Cave City, Kentucky, to upgrade an existing wastewater treatment plant that serves Hart County Industrial Park and supports manufacturing companies in the area. The EDA grant, to be located in a Tax Cuts and Jobs Act designated Opportunity Zone, will be matched with $1.4 million in local investment, and is expected to help create more than 70 jobs and generate $50 million in private investment.
“Infrastructure is a necessary ingredient to any community wishing to expand its economy,” said Secretary of Commerce Wilbur Ross. “This will help the Cave City Opportunity Zone achieve its goals.”
“I am proud to join Secretary Ross in announcing this exciting investment in Cave City and the Hart County Industrial Park,” said Congressman Brett Guthrie (KY-02). “Businesses cannot function without fully functioning utilities. This grant is great news for businesses in Cave City and the surrounding communities, and I look forward to seeing how this will improve industry in Kentucky’s Second District.”
This investment will fund upgrades to increase the capacity of the Horse Cave Regional Water Reclamation Facility that serves Hart County Industrial Park. This project was made possible by the regional planning efforts led by the Barren River Area Development District. EDA funds Barren River Area Development District 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 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 Commerce Department’s work in Opportunity Zones, please visit EDA’s Opportunity Zones webpage.
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.