U.S. Department of Commerce Invests $1.9 Million in CARES Act Recovery Assistance to Support the Development of Foundation Park Near Opportunity Zone in Sioux Falls, South Dakota
WASHINGTON – Today, U.S. Secretary of Commerce Wilbur Ross announced that the Department’s Economic Development Administration (EDA) is awarding a $1.9 million CARES Act Recovery Assistance grant to Sioux Falls Development Foundation, Inc., Sioux Falls, South Dakota, for water, wastewater, and roadway infrastructure improvements needed to support the development of the Foundation Park industrial site. The EDA grant, to be located near a Tax Cuts and Jobs Act Opportunity Zone, will be matched with $478,830 in local funds and is expected to create 1,000 jobs and generate $200 million in private investment.
“President Trump is working diligently every day to support our nation’s economy following the impacts of COVID-19 through the CARES Act,” said Secretary of Commerce Wilbur Ross. “I am proud of the perseverance and strength shown by our communities throughout this pandemic, and these funds will provide the Sioux Falls region, including an Opportunity Zone, the infrastructure needed to support business growth and create a stronger and more resilient economy for the future.”
“This investment comes at a crucial time for Sioux Falls’ and South Dakota’s economies to come roaring back and provide hard-working Americans with new opportunities,” said Dana Gartzke, Performing the Delegated Duties of the Assistant Secretary of Commerce for Economic Development. “EDA is pleased to invest this CARES Act funding to improve infrastructure to create an industrial mega-site to aid the region’s recovery. The project’s location near a Tax Cuts and Jobs Act Opportunity Zone will drive additional investment to the state.”
“The Trump administration has been a tremendous help to South Dakota as our economy continues getting back to normal,” said Governor Kristi Noem. “I’m grateful to Secretary Wilbur Ross and the Department of Commerce for continuing to support our small businesses with the capital they need to deal with the unique challenges that they’re facing.”
“This funding is crucial to the recovery and continued development of Foundation Park and will aid in creating a stronger, more durable economy for the future,” said Senator John Thune. “I am grateful that Secretary Ross and the Department of Commerce recognize the significance of this industrial park and for their decision to invest in South Dakota as we continue to recover from the economic effects of the COVID-19 pandemic.”
“Any investment in jobs right now is a good one,” said Congressman Dusty Johnson. “Opportunity zones are just that, an opportunity for growth and development in cities like Sioux Falls. I’m grateful for the administration’s dedication to ensuring our country continues to bounce back from the ongoing pandemic, and I’m looking forward to getting our strong economy back to where it was.”
This project was made possible by the regional planning efforts led by the South Eastern Council of Governments, which EDA funds to which EDA funds to bring together the public and private sectors to create an economic development roadmap to strengthen the regional economy, support private capital investment, and create jobs.
The CARES Act, signed into law by President Donald J. Trump, provides EDA with $1.5 billion for economic development assistance programs to help communities prevent, prepare for, and respond to the coronavirus pandemic.
EDA CARES Act Recovery Assistance, which is being administered under the authority of the bureau’s flexible Economic Adjustment Assistance (EAA) (PDF) program, provides a wide-range of financial assistance to eligible communities and regions as they respond to and recover from the impacts of the coronavirus pandemic. For complete information, please visit our recently updated EDA CARES Act Recovery Assistance page.
The funding announced today will catalyze private investment in a nearby Opportunity Zone. 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.