Grant

April 22 - 26, 2013

$2 million in FY 2012 Disaster Relief Opportunity funds to the Lorraine Civil rights Museum Foundation, Memphis, Tennessee, to fund the renovation of the National Civil Rights Museum at the site of the assassination of Martin Luther King, Jr. The Lorraine Motel site is an economic anchor in the downtown south end of Memphis, the Arts and Museum district. A national marketing campaign will spearhead the reopening of the newly renovated museum and draw attention to the City’s many tourism attractions. Memphis suffered several natural disasters in 2011 that resulted in flooding and business disruptions. This project will encourage the return of visitors to the area and help Memphis recover from these disasters. This investment is part of a $4,362,429 project.
$2 million in FY 2012 Disaster Relief Opportunity funds to the Vermont Economic Development Authority, Montpelier, Vermont, to fund the creation of the Vermont Business Recovery Revolving Loan Fund to provide additional business capital not readily available from traditional sources to restore the operations of small, at-risk businesses directly and severely impacted by spring flooding events and Tropical Storm Irene in 2011. Due to external and prevailing factors such as the current state of tight commercial lending and a regional economy that relies on natural resources, agriculture, recreation and tourism as significant contributors to the gross state product and jobs, the current available loan level is not adequate to meet existing and anticipated demand for capital and resiliency needs. The portfolio will allow the Vermont Economic Development Authority to expand its range of loan services over the long term to support businesses and job preservation in the face of future natural disasters. This investment is part of a $2.5 million project.
$1.13 million in FY 2012 Disaster Relief Opportunity funds to the City of Atlantic City, New Jersey, to support the rehabilitation and replacement of antiquated infrastructure in the Atlantis Avenue Flood Gate System and bulkhead in Atlantic City, which sustained major flood damages from Hurricane Irene. The City’s two major access roads, the Atlantic City Expressway and U.S. Route 30, were both flooded during the Hurricane and rendered the City inaccessible for extended periods of time resulting in loss of billions of dollars in gaming, hospitality and tourism-related services in New Jersey’s primary tourism destination. The restoration of the infrastructure is a critical element in Atlantic City’s ongoing revitalization and post-Irene economic recovery, and will help to reestablish and maintain economic viability and diversity and mitigate future flooding. This investment is part of a $2.13 million project.
$600,000 in FY 2012 Disaster Relief Opportunity funds to the Pioneer Valley Planning Commission and Common Capital, Inc., Springfield, Massachusetts, to fund the development of a Regional Disaster Framework Plan for Hampden and Hampshire counties that were severely impacted by Tropical Storm Irene and other natural disasters in 2011. Disaster affected businesses in this two-county rural Pioneer Valley region will gain access to capital, business outreach, and technical assistance, as well as regional disaster resiliency planning to assist in long-term planning and recovery. This investment is part of a $760,000 project.
$500,000 in FY 2012 Disaster Relief Opportunity funds to the Vermont Agency of Commerce and Community Development and Two Rivers Ottauquechee Regional Commission, Montpelier, Vermont, to support implementation of the Vermont Economic Resiliency Initiative (VERI) whose objective is to rebuild “Vermont Strong” following the devastation caused by flooding from Tropical Storm Irene in 2011. VERI will enable community officials to assess the region’s critical infrastructure, demographics, and overall economic state and develop strategies to assist Vermont and its municipalities in disaster resiliency planning. The project will assist in long-term recovery from natural disasters, creating a more resilient future. This investment is part of a $679,700 project.
$280,000 in FY 2012 Disaster Relief Opportunity funds to Passaic County, Paterson, New Jersey, to fund the development and implementation of the Passaic County Disaster Assessment and Comprehensive Economic Development Strategy (CEDS) focusing on the municipalities of Little Falls, Paterson, Passaic, Pompton Lakes, Totowa, and Wayne to assess the region’s critical infrastructure, demographics, and overall economic state following the flooding and storms of 2011. The project will also incorporate disaster resiliency planning to assist in long-term recovery from future natural disasters. The CEDS process is designed to bring together the region’s public and private sectors in the creation of an economic development roadmap to diversify and strengthen the regional economy. This investment is part of a $350,000 project.