PETERSBURG, Ind. (Inside INdiana Business) – The U.S. Department of Commerce’s Economic Development Administration is awarding a $4.2 million grant to the city of Petersburg. The funding is intended to help improve and expand its water system to support existing businesses and attract new business.
The EDA says the grant will be matched with $2.8 million in local funds and is expected to create or retain nearly 100 jobs and spur $19.6 million in private investment. The department says the grant is to be located in a Tax Cuts and Jobs Act Opportunity Zone.
The project was made possible by the regional planning efforts led by the Indiana 15 Regional Planning Commission.
“EDA encourages investment in Opportunity Zones to not only enhance return on investment for business interests, but also encourage the public/private partnerships needed to drive investment to distressed communities,” said Dana Gartzke, Performing the Delegated Duties of the Assistant Secretary of Commerce for Economic Development. “Updated water infrastructure is essential for business development and will attract other transformative investment to Petersburg and Pike County.”
The project is being funded through the EDA’s Assistance to Coal Communities program, which provides funding for communities that have seen major impacts from the declining use of coal.