NJBIA's PUBLIC POLICY FORUM: The Road to Recovery Days to go! REGISTER

Today, U.S. Secretary of Commerce Wilbur Ross announced that the Department’s Economic Development Administration (EDA) is awarding a $2.45 million grant to Atlantic City, New Jersey, to make stormwater infrastructure improvements needed to protect downtown businesses from flooding and facilitate the location of new businesses, including major medical and energy enterprises. The EDA grant, to be located in two Tax Cuts and Jobs Act Opportunity Zones, will be matched with over $7 million in local funds and is expected to create 65 jobs and generate $83 million in private investment.

“The Trump Administration is committed to helping American communities obtain the modern infrastructure they need to encourage business attraction and growth,” said Secretary of Commerce Wilbur Ross. “This project will provide Atlantic City with the necessary stormwater infrastructure to protect its businesses and encourage growth of medical and energy sector companies. The project’s location in two Opportunity Zones will drive additional public and private investment to the area.”

“EDA is expanding its commitment to economic growth and resiliency in Atlantic City by supporting local efforts to increase the Baltic Avenue Canal’s rainwater capacity and improve its drainage,” said Dana Gartzke, Performing the Delegated Duties of the Assistant Secretary of Commerce for Economic Development“This project builds upon the successful and significant investment EDA provided in 2013 to modernize the flood gates in the canal, and its location in two Opportunity Zones provides additional incentive for even more business and community development.”