U.S. Department of Commerce Invests $6.7 Million to Expand Technology Park in San Luis Obispo, California
WASHINGTON – Today, U.S. Secretary of Commerce Wilbur Ross announced that the Department’s Economic Development Administration (EDA) is awarding a $6.7 million grant to the Cal Poly Corporation, in San Luis Obispo, California, to construct a facility to expand the Cal Poly Technology Park. The EDA grant, to be matched with more than $4 million in local investment, is expected to create 150 jobs and spur $20 million in private investment.
“The Trump Administration understands that investing in infrastructure creates jobs for the American workforce,” said Secretary of Commerce Wilbur Ross. “The expanded Cal Poly Technology Park will enable the region to become more resilient to the economic impact of flooding and mudslides by accelerating the growth of new businesses and strengthening the workforce.”
“EDA works diligently to keep businesses thriving, even in the face of unforeseen natural disasters,” said Dana Gartzke, Performing the Delegated Duties of the Assistant Secretary of Commerce for Economic Development. “EDA’s long history of successfully supporting recovery and resiliency efforts lends itself perfectly to increasing the Cal Poly Technology Park’s capacity to support technology-based businesses.”
“I am thrilled that Cal Poly is receiving this $6.7 million grant to fund the continued growth of the Cal Poly Technology Park and I was proud to support this effort,” said Congressman Salud Carbajal (CA-24). “The technology park is a hub of innovation that brings together the expertise of faculty, students and rising businesses, and it contributes to research and job opportunities in our region. Using this grant to expand the park will broaden opportunities for the Central Coast's students, economy and future. Congratulations, Cal Poly!”
This project is funded under the Bipartisan Budget Act of 2018 (PL 115-123) (PDF), in which Congress appropriated to EDA $600 million in additional Economic Adjustment Assistance (EAA) Program (PDF) funds for disaster relief and recovery as a result of Hurricanes Harvey, Irma, and Maria, wildfires, and other calendar year 2017 natural disasters under the Stafford Act.
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.