U.S. Department of Commerce Invests $3.2 Million to Support Business Development and Economic Diversification Efforts in Cortlandt, New York
WASHINGTON – Today, U.S. Secretary of Commerce Wilbur Ross announced that the Department’s Economic Development Administration (EDA) is awarding a $3.2 million grant to the Town of Cortlandt, New York, to prepare a municipally-owned, 99-acre parcel of land for private development. The EDA grant, to be matched with $43.2 million in local funds, is expected to generate $17 million in private investment.
“The Trump Administration is committed to not only retaining jobs in this country, but also to creating new opportunities through infrastructure improvements,” said Secretary of Commerce Wilbur Ross. “This EDA investment supports Cortlandt’s Quarry Park Infrastructure project to increase their capacity to attract new, diversified business interests.”
“The Economic Development Administration is pleased to support the Town of Cortlandt’s strategy to grow their economic base by attracting new companies to the region,” said Dana Gartzke, Performing the Delegated Duties of the Assistant Secretary of Commerce for Economic Development. “The project will diversify and grow the local economy at a critical time when the Indian Point Nuclear Energy Center is moving off-line.”
This project is being funded under EDA’s Assistance to Coal Communities (ACC) program. Closures of nuclear power plants throughout the United States have had a significant impact on the economic foundations of surrounding communities through sudden job losses and a reduction to the local tax base. EDA has a strong history of working with communities facing structural economic adjustments, including those impacted by nuclear power plant closures. In FY 2020, EDA is deploying $15 million appropriated to the agency to support communities impacted by nuclear plant closures.
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.