U.S. Department of Commerce Invests $5.8 Million in American Rescue Plan Funds to Support Business Growth in Fosston, Minnesota
WASHINGTON – Today, U.S. Secretary of Commerce Gina Raimondo announced the Department’s Economic Development Administration (EDA) is awarding a $5.8 million grant to the city of Fosston, Minnesota, to boost business growth by making infrastructure upgrades needed to expand the city’s existing airport industrial park. This grant is funded by the American Rescue Plan.
This project will provide expanded road, water, wastewater, and natural gas capacity to create eight new industrial park lots, as well as construction of a six-unit multi-use hangar at the airport to encourage new fixed-base operators to locate there. The EDA investment will be matched with $1.4 million in local funds and is expected to create 250 jobs, retain 100 jobs and generate $50 million in private investment, according to grantee estimates.
“President Biden’s American Rescue Plan offers direct relief to American communities as they work to build a better America for the future,” said Secretary of Commerce Gina Raimondo. “This EDA investment will provide the critical infrastructure needed to encourage business growth in Fosston, strengthening the region’s economy.”
“The Economic Development Administration is pleased to support locally-driven strategies to boost economic recovery efforts,” said Assistant Secretary of Commerce for Economic Development Alejandra Y. Castillo. “This EDA investment will allow Fosston to spur business growth by improving operations at the airport industrial park, which capitalize on the city’s location as a freight and tourism nexus and its strong labor pool.”
“Investments in our infrastructure serve as down payments on the long-term economic well-being of our state,” said Senator Amy Klobuchar. “This funding will enable critical upgrades to Fosston’s airport industrial park, helping expand economic opportunity and boost the city’s role as a critical freight hub.”
“Investing in local infrastructure boosts local business and drives economic growth,” said Senator Tina Smith. “This investment – made possible by the American Rescue Plan – provides crucial infrastructure upgrades to the airport industrial park that will help support hundreds of jobs, generate millions in private investment, and grow the local economy in Fosston and the surrounding area.”
This project is funded under EDA’s American Rescue Plan Economic Adjustment Assistance program, which makes $500 million in Economic Adjustment Assistance grants available to American communities. The Economic Adjustment Assistance program is EDA’s most flexible program, and grants made under this program will help hundreds of communities across the nation plan, build, innovate, and put people back to work through construction or non-construction projects designed to meet local needs. Effective May 26, 2022, EDA has officially closed all of its American Rescue Plan programs for applications. The $3 billion program funding will be awarded on a rolling basis through September 30, 2022.
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.