U.S. Secretary of Commerce Wilbur Ross announced that the department's Economic Development Administration (EDA) is awarding a $2.35 million grant to Recycle the World Inc., of King of Prussia, Pa., to help convert a former coal fired power plant to a multitenant building for growing companies in the region. This grant will be matched with $587,500 in local funds and is expected to help create 185 jobs and generate $121.5 million in private investment.
"President Trump is fulfilling his promise to America's coal workers by giving them more opportunities in the wake of plant closures," said Secretary of Commerce Wilbur Ross. "This new multi-purpose building will help to reinvigorate the region after the closure of a large coal fired plant and will create jobs for the people of Pennsylvania."
This project will help to build water and sewer infrastructure for a decommissioned coal fired power plant and its surrounding 240-acre lot to repurpose the area as a multitenant space for four growing companies. This project is 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.
About the U.S. Economic Development Administration
The mission of the U.S. Economic Development Administration (EDA) is to lead the federal economic development agenda by promoting competitiveness and preparing the nation's regions for growth and success in the worldwide economy. An agency within the U.S. Department of Commerce, EDA makes investments in economically distressed communities in order to create jobs for U.S. workers, promote American innovation, and accelerate long-term sustainable economic growth.
For more information, visit www.eda.gov.