File photo
File photo
An investment of $2.5 million by the U.S. Department of Commerce is going to provide Hidalgo County with a redesigned Produce Road designed to withstand future rain damage and allow the region to succeed as an international trade gateway.
The funding is an Economic Development Administration grant specifically for the Tax Cuts and Jobs Act Opportunity Zone. Hidalgo County includes one of 628 such investment zones in Texas. The grant will be matched with $625,000 in local funds.
The project is predicted to either create or retain approximately 200 jobs. The grant is also expected to produce private investment in the neighborhood of $7.5 million, according to MarketScreener.
Dana Gartzke, who is performing the delegated duties of the Assistant Secretary of Commerce for Economic Development, told MarketScreener improvements to Produce Road will include a new, 30-foot roadway with a 50-foot right of way and improved drainage. With improvements to the road, Hidalgo County and the surrounding area will be able to continue with business operations at the international level despite a natural disaster.
“Helping Texans recover and rebuild from natural disasters have been one of my top priorities,” Sen. John Cornyn (R-Texas) told MarketScreener. “I was proud to support this funding in the Senate and I thank President [Donald] Trump for prioritizing infrastructure in Hidalgo County.”
The Lower Rio Grande Valley Development Council was credited with the regional planning efforts in bringing both private and public interests together on the project. It has played an integral part in developing an economic development plan to strengthen the regional economy while providing jobs and supporting needed private capital investment to build on.
“The Trump Administration is continuing to work diligently to rebuild communities devastated by natural disasters, including those located in Opportunity Zones,” Secretary of Commerce Wilbur Ross told MarketScreener. “This project will revitalize Produce Road to ensure that rain damage will not impact local business in the future.”
Opportunity Zones are building economic development are areas in need of growth throughout the nation. In 2019, Opportunity Zones were added as an Investment Priority by the Economic Development Administration. It is designed to build momentum in greater public investment in the areas rewarded with funding.
Alerts Sign-up