Grassley Commends $2.9 Million Investment in City of Marshalltown to Improve Infrastructure
Sep 16, 2020
WASHINGTON – Sen. Chuck Grassley (R-Iowa) today commended the Economic Development Administration (EDA) following the announcement that it is awarding a $2.9 million grant to the city of Marshalltown, Iowa, to make infrastructure improvements needed to support industrial development. The EDA grant will be matched with $1.4 million in state funds and $644,249 in local funds and is expected to create more than 100 jobs.
“I’m very happy the city of Marshalltown is receiving a $2.9 million grant from the Economic Development Association,” Grassley said. “The city has been hit hard over the years by many natural disasters. As they were beginning to move forward this year, the disastrous derecho storm hit their community. Iowans are resilient but it has been a tough year. This grant will help them make improvements to their infrastructure and continue to rebuild.”
“The Trump Administration is committed to helping communities that have been impacted by natural disasters build back stronger,” Secretary of Commerce Wilbur Ross said. “The infrastructure improvements that Marshalltown will put in place near an Opportunity Zone will support existing business, attract new businesses to the region, and support disaster resiliency efforts.”
“The Economic Development Administration plays an important role is supporting locally-driven strategies to help communities recover and build back stronger following natural disasters,” Dana Gartzke, Performing the Delegated Duties of the Assistant Secretary of Commerce for Economic Development, said. “This project will extend Edgewood Street to create a safe roadway for truck traffic, provide additional flood protection, and open up 60-acres of developable land for future business use.”
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.
This project is funded by the Additional Supplemental Appropriations for Disaster Relief Act of 2019, which provided EDA with $600 million in additional Economic Adjustment Assistance (EAA) Program funds for disaster relief and recovery for areas affected by wildfires, volcanic eruptions and other major natural disasters occurring in calendar year 2018, and tornadoes and floods occurring in calendar year 2019, under the Robert T. Stafford Act.