Press Release

Local Businesses and Workers to Benefit from Commerce Department Investment in the Cascades at Carlsbad

September 10, 2010
Contact: John Atwood, (202) 482-4085

WASHINGTON - U.S. Commerce Secretary Gary Locke today announced a $1.325 million U.S. Economic Development Administration (EDA) grant to Carlsbad Industrial Action, Inc., and the city of Carlsbad, N.M., to make infrastructure improvements needed to complete Phase II of the Cascades at Carlsbad, an open-air marketplace with development space for retail and entertainment establishments. The project is expected to create 442 jobs and generate over $77 million in private investment, according to grantee estimates.

"The Obama administration and the Economic Development Administration are working diligently to bring jobs and economic growth to local communities," Locke said. "This project will support job creation and business development in Carlsbad by helping to increase tourism and commerce in the region with the development of a dining, shopping and entertainment center."

The proposed second phase development will include construction of a concrete canalway, an access road, a parking lot, a covered Transit Stop for the Carlsbad Municipal Transit System, landscaping and fountains, and the installation of utilities.

About the U.S. Economic Development Administration (www.eda.gov):
This year, the U.S. Economic Development Administration (EDA) marks 45 years of public service, with a mission of leading the federal economic development agenda by promoting competitiveness and preparing American regions for growth and success in the worldwide economy. EDA is an agency within the U.S. Department of Commerce that partners with distressed communities throughout the United States to foster job creation, collaboration and innovation.