U.S. Department of Commerce Invests to Provide Critical Infrastructure to Serve Tribal Businesses in Grand Portage, Minnesota Opportunity Zone
WASHINGTON – Today, U.S. Secretary of Commerce Wilbur Ross announced that the Department’s Economic Development Administration (EDA) is awarding a $3.2 million grant to the Grand Portage Reservation Tribal Council of Grand Portage, Minnesota, to help redevelop the Hat Point Marina and Ferry Terminal. The EDA grant, to be located in a Tax Cuts and Jobs Act designated Opportunity Zone, will be matched with $2 million in local investment.
“The Trump Administration is dedicated to advancing economic growth and business development in tribal communities throughout the United States,” said Secretary of Commerce Wilbur Ross. “The enhanced marina and ferry infrastructure will give the Grand Portage Tribe of Chippewa Indians the tools they need to encourage new private investment in the region and special Opportunity Zone tax incentives will attract further business investment in the region.”
The project will redevelop the Hat Point marina and ferry terminal to meet the increased demand for ferry voyages to and from the nearby Isle Royale National Park. A new building will also be constructed to educate tourists about the Grand Portage Tribe and serve as a fish processing facility for tribal fishing businesses.
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.