U.S. Department of Commerce’s investment will support business expansion, job growth
FRANKFORT, Ky. (June 24, 2021) – Today, Gov. Andy Beshear said U.S. Secretary of Commerce Gina M. Raimondo announced that the Department’s Economic Development Administration (EDA) is awarding a $2.3 million CARES Act Recovery Assistance grant to the Paris-Bourbon County Economic Development Authority.
The funding will allow for roadway infrastructure improvements to accommodate the expansion of the Paris-Bourbon County Industrial Park and support future business needs.
This EDA grant, to be matched with $575,000 in local funds, is expected to create 296 jobs, retain 147 jobs and generate $214 million in private investment.
“This is the type of infrastructure investment we need to help us build a better Kentucky and an even stronger economy coming out of the COVID-19 crisis,” said Gov. Beshear. “We thank our federal partners for this investment in the Paris-Bourbon County Economic Development Authority which is going to create nearly 300 jobs, support future business needs and help our commonwealth lead into the future.”
“President Biden is committed to getting Americans back to work as we recover from the economic impacts of the coronavirus pandemic and build back stronger,” said Secretary Raimondo. “This EDA investment will support business expansion and job creation through critical infrastructure improvements designed to expand manufacturing, strengthen regional exports and diversify the economy.”
“The Economic Development Administration plays an important role in supporting community-led strategies designed to create economic opportunity and jobs,” said Michele Chang, the Department's Deputy Assistant Secretary for Policy. “This project will support construction of a new connector road, a 2,500-foot potable waterline, and a 1,450-foot sanitary sewer line to foster business expansion and job growth.”
This project was made possible by the regional planning efforts led by Bluegrass Area Development District. The Bluegrass Area Development District brings 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), 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 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 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.