U.S. Secretary of Commerce Wilbur Ross on Sept. 2 announced that the Department’s Economic Development Administration (EDA) is awarding a $1.2 million grant to the city of Corsicana, to construct an industrial rail spur to serve the Highway 31 Industrial Park. The EDA grant, to be located in a Tax Cuts and Jobs Act Opportunity Zone, will be matched with $833,333 in local funds and is expected to create 100 jobs and generate $60 million in private investment.
“Providing the infrastructure businesses need to be successful is a top priority for President Trump,” said Secretary of Commerce Wilbur Ross. “This new rail spur will provide Corsicana with the necessary infrastructure to accelerate business growth and expansion at the Highway 31 Industrial Park, and the project’s location in an Opportunity Zone further incentivizes investment in the community.”
“The new 2,500 foot rail spur to be built to serve the Highway 31 Industrial Park will directly support new economic development opportunities in North Central Texas,”said Dana Gartzke, Performing the Delegated Duties of the Assistant Secretary of Commerce for Economic Development.“In addition, the project’s location in an Opportunity Zone will build upon the park’s success in attracting new manufacturing companies and additional private investment to the region.”
“This additional rail spur in Corsicana is essential to keeping business operations in the region moving swiftly and efficiently,” said Gov. Greg Abbott. “The EDA’s investment will create more jobs for hardworking Texans, and bring even greater economic opportunities to the region. I thank our federal partners at the EDA as well as Secretary Ross for investing in the Lone Star State, and I look forward to the prosperity this project will bring.”
“As the coronavirus outbreak destabilizes our way of life, it is critical that we take active measures to ensure that struggling Texas businesses can weather the storm,” said Sen. John Cornyn. “I’ll continue to do everything I can to help small businesses in Corsicana bounce back amid this deadly pandemic.”
This project was initiated by the regional planning efforts led by the North Central Texas Council of Governments, which EDA funds to help 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 funding announced today goes to one of Texas’ 628 Opportunity Zones.