MO: DED Announces $620,000 Industrial Infrastructure Grant for City of Macon Under CDBG Program
1 Sep, 2010
The Missouri Department of Economic Development has announced that the city of Macon has been approved for up to $620,000 in an Industrial Infrastructure Grant for infrastructure improvements under the Community Development Block Grant (CDBG) program.
The Industrial Infrastructure Grant will aid the city on serve the infrastructure needs of the three companies planning to expand operations in Macon. The companies, Economy Products Company, Yutz Enterprises and Wyatt Enterprises, collectively commit to creating 62 new full-time jobs and a minimum of $1,801,700 in private investment within two years.
The project will have a significant economic benefit for the city of Macon and the surrounding region.
As a part of the project, the city of Macon will extend a street to the proposed Highway 36 Outer Road Development. The city of Macon will own and maintain the road. In addition to the three companies, other possible beneficiaries are residents, expanding future businesses, commercial and industrial businesses. The public infrastructure proposed will allow an outer road to Highway 36, traffic improvements and the potential for other business growth with excellent highway visibility.
“We are committed to transforming Missouri’s economy for the 21st century despite challenges,” DED Director David Kerr said. “Helping the city of Macon utilize this important tool to support its economic development initiatives demonstrates Gov. Nixon’s continued commitment to getting Missouri’s economy back on track.”
The CDBG Industrial Infrastructure Grant assists local governments in the development of public infrastructure that allows industries to locate new facilities, expand existing facilities, and prevent the closing of a facility or the relocation of a facility outside the state. Projects can only be in a “non-entitlement” area -- a city under 50,000 in population or a county under 200,000 in population.
Grant funds may be used for public streets, water or sewer lines, engineering and other public facilities necessary to support the project. A public entity must own the facilities to be funded. Facilities owned by the company or a private utility are not eligible for funding.