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Contact: John Atwood, 202-482-4085
Thursday, April 5, 2012
WASHINGTON - U.S. Commerce Secretary John Bryson today announced a $2.1 million Economic Development Administration (EDA) grant to the Memphis and Shelby County Port Commission in Tennessee to build critical rail infrastructure for the President's Island Industrial Park. The investment is expected to retain 163 jobs and generate $31.6 million in private investment.
"This $2.1 million investment in the President's Island Industrial Park is an example of the Obama administration's commitment to making strategic investments to strengthen America's infrastructure and create an economy built to last," Bryson said. "The grant announced today will help the Memphis, Tennessee, region save and create jobs, grow businesses at the river port, and attract future investment - all critical elements of an economy built to last."
The EDA investment funds the expansion and upgrading of rail infrastructure, some of which was damaged by flooding in 2010. This will meet the intermodal transportation needs of the 138 domestic and international businesses located on President's Island. Together they support 3,135 primary, and 3,604 secondary, employees, and have an economic impact of $1.6 billion on Shelby County.
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.