WASHINGTON – Chuck Grassley today said that the U.S. Department of Commerce’s Economic Development Administration has awarded a $3,167,923 grant to Waverly.
Waverly will use the funds to replace an existing concrete dam with an inflatable rubber dam.
The dam can be adjusted to control future floodwaters, protecting the city’s more than 320 businesses that were directly and indirectly impacted by the Midwest floods of 2008.
“By protecting the local businesses during a flood, commerce can keep flowing in Waverly,” Grassley said.
According to the Economic Development Administration, the disaster recovery projects work to minimize economic dislocations resulting from natural and other disasters, improving responsiveness and effectiveness in the recovery process.
The Economic Development Administration serves as a venture capital resource to meet the economic development needs of distressed communities throughout the United States through the promotion of innovation and competitiveness and preparing regions for growth and success in the global economy.