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The City of Abilene has secured a $1.8 million grant from the U.S. Department of Commerce that will be used to develop high-quality manufacturing jobs in the Five Points Business Park area near a Tax Cuts and Jobs Act Opportunity Zone.
This injection of funds is expected to help generate 90 new job opportunities, retain 30 existing jobs, and create $12.7 million in private investments, according to the Economic Development Administration (EDA). The EDA describes an Opportunity Zone as an area that is economically distressed and in order to boost the economy within the low-income area, private investments can be incentivized with grants and under certain conditions, capital gain tax incentives.
“This Economic Development Administration investment will support roadway improvements in Abilene that will meet truck access needs for new and expanding businesses in the Five Points Business Park,” Dana Gartzke with the Commerce Department said.
In response to the grant announcement, Sen. John Cornyn (R-Texas) said he will continue to make economic investments in Abilene a top priority.
“While Texans persevere as COVID-19 wreaks havoc on our state, we must take steps to ensure that our communities are equipped to weather the storm,” Cornyn said.
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