U.S. Department of Commerce to Invest $2.9 Million to Boost Business Growth Near Opportunity Zone in Marshalltown, Iowa
WASHINGTON – Today, U.S. Secretary of Commerce Wilbur Ross announced that the Department’s Economic Development Administration (EDA) is awarding a $2.9 million grant to the city of Marshalltown, Iowa, to make infrastructure improvements needed to support industrial development. The EDA grant, to be located near a Tax Cuts and Jobs Act Opportunity Zone, will be matched with $1.4 million in state funds and $644,249 in local funds and is expected to create more than 100 jobs.
“The Trump Administration is committed to helping communities that have been impacted by natural disasters build back stronger,” said Secretary of Commerce Wilbur Ross. “The infrastructure improvements that Marshalltown will put in place near an Opportunity Zone will support existing business, attract new businesses to the region, and support disaster resiliency efforts.”
“The Economic Development Administration plays an important role is supporting locally-driven strategies to help communities recover and build back stronger following natural disasters,” said Dana Gartzke, Performing the Delegated Duties of the Assistant Secretary of Commerce for Economic Development. “This project will extend Edgewood Street to create a safe roadway for truck traffic, provide additional flood protection, and open up 60-acres of developable land for future business use.”
“I’m very happy the city of Marshalltown is receiving a $2.9 million grant from the Economic Development Association,” said Senator Chuck Grassley. “The city has been hit hard over the years by many natural disasters. As they were beginning to move forward this year, the disastrous derecho storm hit their community. Iowans are resilient but it has been a tough year. This grant will help them make improvements to their infrastructure and continue to rebuild.”
The funding announced today will catalyze private investment in a nearby Opportunity Zone. 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.
This project is funded by the Additional Supplemental Appropriations for Disaster Relief Act of 2019 (Pub. L. 116-20) (PDF), which provided EDA with $600 million in additional Economic Adjustment Assistance (EAA) Program (PDF) Program funds for disaster relief and recovery for areas affected by Hurricanes Florence, Michael, and Lane, Typhoons Yutu and Mangkhut, wildfires, volcanic eruptions, and other major natural disasters occurring in calendar year 2018, and tornadoes and floods occurring in calendar year 2019, under the Robert T. Stafford Act. Please visit EDA’s Disaster Supplemental webpage for more information.
This project was made possible by the regional planning efforts led by Region 6 Planning Commission, which EDA funds 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.
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.