Cedar Rapids to get $38 million from EDA - KWWL - Eastern Iowa Breaking News, Weather, Closings

Cedar Rapids to get $38 million from EDA

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CEDAR RAPIDS (KWWL) -- The U.S. Economic Development Authority announced Monday morning a grant to the City of Cedar Rapids totaling $38 million dollars.  The money is to be used for projects to rejuvenate the city economy following the devastating Floods of 2008.

$35 million of the money will go to the city's new downtown events center.  The remaining $3 million will go to the chamber of commerce for a new regional commerce center and business incubator.

"President Obama is committed to helping Iowa rebound and become stronger economically from the worst flooding in Cedar Rapids history.  As you know, President Obama will travel to Iowa Tuesday to meet with farmers and small business owners and local leaders to share ideas to continue to grow the economy and put Americans back to work.  These EDA grants will go a long way to helping Cedar Rapids revitalize its downtown and entertainment center and stimulate the entrepreneurial spirit needed to create new sustainable jobs for the 21st century," EDA COO Brian McGowan said.

"This is good news for Iowa.  It's a win win situation.  Number one, it will create jobs and at the same time it will boost the economic development in an area still struggling from the worst natural disaster to hit our state," Senator Tom Harkin (D-IA) said.

Last week, John Frew announced he was resigning as Governor Chet Culver's Chief of Staff to work as project manager for the new events center.  The city will need to match funding for the total $67 million that will be needed to complete the events center.

 

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