U.S. Department of Commerce Invests $4 Million in CARES Act Recovery Assistance to Support Development of a Medical Research and Manufacturing Facility in DeLand, Florida
WASHINGTON – Today, U.S. Secretary of Commerce Gina M. Raimondo announced that the Department’s Economic Development Administration (EDA) is awarding a $4 million CARES Act Recovery Assistance grant to Volusia County, Florida, to prepare a 56-acre site adjacent to Daytona Beach International Airport for the development of Project COVID, a medical research, manufacturing and multi-modal distribution facility. This EDA grant, to be matched with $1 million in local funds, is expected to create 360 jobs and generate $150 million in private investment.
“President Biden is committed to harnessing the full power of the federal government to ensure our nation not only recovers from this pandemic but builds back stronger,” said Secretary of Commerce Gina M. Raimondo. “This EDA investment in Volusia County will support the development of a pharmaceutical research and manufacturing facility that will address the coronavirus pandemic while contributing to the region’s economic recovery and long-term resiliency.”
“The Economic Development Administration plays an important role in supporting community-led economic development strategies designed to boost coronavirus recovery and response efforts,” said Dennis Alvord, Acting Assistant Secretary of Commerce for Economic Development. “This project will prepare the site for development by building water and sanitary sewer infrastructure, constructing a 13.5-acre drainage retention pond, relocating an airport perimeter security fence and other work as needed to foster business expansion and job growth.”
“This grant will fund critical pharmaceutical research, a manufacturing facility, and potentially create hundreds of jobs that will greatly benefit our residents in northeast Florida. The pandemic painfully demonstrated our dependence on China for protective equipment and pharmaceuticals. We must bring our manufacturing back home” said Congressman Michael Waltz (FL-06). “I’m thrilled to have worked with Volusia County and the local business community to make this project a reality.”
This project was made possible by the regional planning efforts led by the East Central Florida Regional Planning Council (ECFRPC). EDA funds ECFRPC 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.
This project is funded under the Coronavirus Aid, Relief, and Economic Security (CARES) Act (Public Law 116-136 PDF), which provided EDA with $1.5 billion for economic assistance programs to help communities prevent, prepare for, and respond to coronavirus. 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.
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 invests in communities and supports regional collaboration in order to create jobs for U.S. workers, promote American innovation, and accelerate long-term sustainable economic growth.