U.S. Department of Commerce Invests $1.8 Million in American Rescue Plan Funds to Boost Capacity for Business Growth in Covington, Kentucky
WASHINGTON – Today, U.S. Secretary of Commerce Gina M. Raimondo announced that the Department’s Economic Development Administration (EDA) is awarding a $1.8 million grant to the city of Covington, Kentucky, to support infrastructure design for the redevelopment of a vacant complex. This grant is funded by the American Rescue Plan.
This grant will support business development and create long-term employment opportunities by aiding the redevelopment of a 23-acre, vacant complex along the Ohio River. The EDA investment will be matched with $449,027 in local funds.
“President Biden’s American Rescue Plan helps communities tackle the economic challenges that were exacerbated by the coronavirus pandemic,” said Secretary of Commerce Gina M. Raimondo. “This EDA investment will support business expansion in Covington, creating jobs in the region and promoting economic resiliency.”
“The Economic Development Administration is pleased to support locally-driven strategies to boost business recovery efforts in Kentucky,” said Assistant Secretary of Commerce for Economic Development Alejandra Y. Castillo. “This EDA investment will provide the infrastructure design work needed to repurpose a prime site located in Covington’s commercial business district.”
“The economic impact that Covington has in Northern Kentucky, and Kentucky as a whole, is immense,” said Governor Andy Beshear. “To ensure that we turn these two years of economic progress into 20 years of prosperity, we must invest in our infrastructure – for companies looking to locate or expand in the commonwealth, but also for our families who live here. By working together, we will build a better Kentucky for generations to come.”
This project was made possible by the regional planning efforts led by the Northern Kentucky Area Development District (NKADD). EDA funds NKADD 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.
This project is funded under EDA’s American Rescue Plan Economic Adjustment Assistance program, which makes $500 million in Economic Adjustment Assistance grants available to American communities. The Economic Adjustment Assistance program is EDA’s most flexible program, and grants made under this program will help hundreds of communities across the nation plan, build, innovate, and put people back to work through construction or non-construction projects designed to meet local needs.
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 invests in communities and supports regional collaboration in order to create jobs for U.S. workers, promote American innovation, and accelerate long-term sustainable economic growth.