U.S. Secretary of Commerce Wilbur Ross has announced that the Department’s Economic Development Administration (EDA) is investing $4.4 million in the state of Tennessee to build critical infrastructure needed to support business growth.
The EDA grants, to be matched with more than $2 million in other federal or local funds, are expected to help create or retain nearly 900 jobs and generate $222.2 million in private investment. With these investments, EDA has invested more than $500 million in Opportunity Zones across the nation since 2018.
“The Trump Administration aims to create American jobs and to ensure U.S. business communities thrive,” Ross said. “These projects will support business growth in Tennessee, diversify the state’s economy, and create new jobs for Tennessee residents. These projects’ location in Opportunity Zones will attract additional private investment to the state.”
The Town of Mountain City will receive $1.5 million to diversify the region’s economy by upgrading water lines and wastewater collection system infrastructure to attract new businesses and support the ongoing operations and future expansion of a flooring manufacturing firm and other firms in the area. The project will be matched with $375,600 in local funds, is expected to create or retain 11 jobs and generate $240,000 in private investment.
“I am thrilled that Mountain City is receiving this grant to invest in their water systems, which will ensure they have the necessary infrastructure to attract and retain good employers and, more importantly, good jobs,” said Congressman Phil Roe. “I applaud the First Tennessee Development District for their work, and I thank Secretary Ross and the EDA.”
The project was made possible by the regional planning efforts led by First Tennessee Development District, which EDA funds 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.
The Town of Mountain City project is being funded under the Assistance to Coal Communities (ACC) program, through which EDA will award funds on a competitive basis to assist communities severely impacted by the declining use of coal through activities and programs that support economic diversification, job creation, capital investment, workforce development, and re-employment opportunities.