Today, U.S. Secretary of Commerce Gina M. Raimondo announced that the Department’s Economic Development Administration (EDA) is awarding a $1.5 million grant to the city of Oxford, Alabama, to make infrastructure upgrades. This grant is funded by the American Rescue Plan.
This project will fund resurfacing of the Bynum Cutoff Road as well as drainage improvements, which will better serve existing industries and create good-paying jobs. The EDA investment will be matched with $506,849 in local funds and is expected to create 35 jobs, retain 635 jobs and generate $10 million in private investment, according to grantee estimates.
“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 a better America for the future,” said Secretary of Commerce Gina M. Raimondo. “This EDA investment will provide for necessary infrastructure upgrades needed to support job creation and business development.”
“The Economic Development Administration plays an important role in supporting community-led economic development strategies designed to boost coronavirus recovery and response efforts,” said Assistant Secretary of Commerce for Economic Development Alejandra Y. Castillo. “This project will provide critical infrastructure upgrades and enhance economic resilience in Alabama.”
This project was made possible by the regional planning efforts led by the East Alabama Regional Planning and Development Commission (EARPDC). EDA funds EARPDC 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 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.
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.