U.S. Department of Commerce Invests $1.2 Million to Construct Rail Spur to Serve Industrial Park in Corsicana, Texas Opportunity Zone
WASHINGTON – Today, U.S. Secretary of Commerce Wilbur Ross announced that the Department’s Economic Development Administration (EDA) is awarding a $1.2 million grant to the city of Corsicana, Texas, to construct an industrial rail spur to serve the Highway 31 Industrial Park. The EDA grant, to be located in a Tax Cuts and Jobs Act Opportunity Zone, will be matched with $833,333 in local funds and is expected to create 100 jobs and generate $60 million in private investment.
“Providing the infrastructure businesses need to be successful is a top priority for President Trump,” said Secretary of Commerce Wilbur Ross. “This new rail spur will provide Corsicana with the necessary infrastructure to accelerate business growth and expansion at the Highway 31 Industrial Park, and the project’s location in an Opportunity Zone further incentivizes investment in the community.”
“The new 2,500 foot rail spur to be built to serve the Highway 31 Industrial Park will directly support new economic development opportunities in North Central Texas,” said Dana Gartzke, Performing the Delegated Duties of the Assistant Secretary of Commerce for Economic Development. “In addition, the project’s location in an Opportunity Zone will build upon the park’s success in attracting new manufacturing companies and additional private investment to the region.”
“This additional rail spur in Corsicana is essential to keeping business operations in the region moving swiftly and efficiently,” said Governor Greg Abbott. “The EDA’s investment will create more jobs for hardworking Texans, and bring even greater economic opportunities to the region. I thank our federal partners at the EDA as well as Secretary Ross for investing in the Lone Star State, and I look forward to the prosperity this project will bring.”
“As the coronavirus outbreak destabilizes our way of life, it is critical that we take active measures to ensure that struggling Texas businesses can weather the storm,” said Senator Cornyn. “I’ll continue to do everything I can to help small businesses in Corsicana bounce back amid this deadly pandemic.”
“Though the COVID-19 pandemic and economic downturn have left communities hurting, I’ve been proud to see Texans stand together to overcome these challenges,” said Senator Ted Cruz. “The men and women of Corsicana are no exception. I’m grateful the Department of Commerce is making an investment in an Opportunity Zone, which has spurred economic mobility in communities across Texas and the country. This grant will go a long way in getting Texans back to work and our economy back on its feet.”
This project was made possible by the regional planning efforts led by the North Central Texas Council of Governments, which EDA funds to help 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 one of Texas’ 628 Opportunity Zones. Created by President Donald J. Trump’s Tax Cuts and Jobs Act of 2017, Opportunity Zones are spurring economic development 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 Commerce Department’s work in Opportunity Zones, please visit EDA’s Opportunity Zones webpage. To learn more about the Opportunity Zone program, see the Opportunity Now resources webpage. To learn more about Opportunity Zone best practices, see the recently released White House Opportunity and Revitalization Council Report (PDF) to President Trump.
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.