U.S. Department of Commerce Invests $1 Million to Upgrade Infrastructure and Boost Business Development in Las Cruces, New Mexico, Opportunity Zone
WASHINGTON – Today, U.S. Secretary of Commerce Wilbur Ross announced that the Department’s Economic Development Administration (EDA) is awarding a $1 million grant to the Regents of New Mexico State University, Las Cruces, New Mexico, to make critical infrastructure improvements at New Mexico State University’s Arrowhead Park. The EDA grant, to be located in a Tax Cuts and Jobs Act Opportunity Zone, will be matched with $250,000 in local funds and is expected to create 1,000 jobs.
“The Trump Administration is committed to creating American jobs and new business opportunities, especially by way of critical infrastructure improvement,” said Secretary of Commerce Wilbur Ross. “This project will expand the capacity of New Mexico State University’s Arrowhead Park to advance innovation and support the growth of new businesses in an Opportunity Zone.”
“New Mexico State University’s Arrowhead Park is a major success, and EDA is proud to support its continued growth,” said Dana Gartzke, Performing the Delegated Duties of the Assistant Secretary of Commerce for Economic Development. “Arrowhead Park’s road and sewer infrastructure upgrades will help attract new businesses and entrepreneurs in the media, healthcare, and aerospace industries, and the project’s location in an Opportunity Zone will drive investment to the area and provide additional tax incentives for business development.”
“Arrowhead Park is a great example of how bringing together researchers and entrepreneurs helps new businesses to take off and thrive,” said Udall, a senior member of the Senate Appropriations Committee. “This important investment in Arrowhead Park will equip business and university leaders with the facilities and resources they need so New Mexico businesses can continue creating new jobs for New Mexicans.”
“New Mexico State University’s Arrowhead Park is at the forefront of innovation and entrepreneurship, home to state-of-the art research, aerospace, and more,” said Congresswoman Xochitl Torres Small (NM-02). “This $1 million grant is a major investment in good jobs and will help attract businesses to southern New Mexico. I appreciate the Administration’s commitment to making these critical infrastructure improvements and am committed to continuing to find ways to work together and create economic opportunities in the wake of COVID-19.”
The funding announced today goes to one of New Mexico’s 63 Opportunity Zones. Created by President Donald J. Trump’s Tax Cuts and Jobs Act of 2017, Opportunity Zones are spurring economic development in economically-distressed communities nationwide. In June 2019, EDA added Opportunity Zones as an Investment Priority, which increases the number of catalytic Opportunity Zone-related projects that EDA can fund to fuel greater public investment in these areas. To learn more about the Commerce Department’s work in Opportunity Zones, please visit EDA’s Opportunity Zones webpage. To learn more about the Opportunity Zone program, see the Opportunity Now resources webpage. To learn more about Opportunity Zone best practices, see the recently released White House Opportunity and Revitalization Council Report (PDF) to President Trump.
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.