WASHINGTON, D.C.—The U.S. Commerce Department’s Economic Development Administration announced Monday a $955,472 grant to the Savannah Economic Development Authority to make critical infrastructure improvements needed to facilitate Gulfstream Aerospace Corporation’s expansion plans in the Crossroads Business Park.
The project is expected to create 1,000 jobs and generate $500 million in private investment, according to grantee estimates.
“The Obama administration is working tirelessly to accelerate our economic recovery,” said U.S. Assistant Secretary of Commerce for Economic Development John Fernandez. “This EDA grant will provide the vital infrastructure needed to expand Gulfstream’s Crossroad Business Park facilities to enhance the region’s job-creating aerospace cluster and create new jobs.”
“Gulfstream is a first-class, world-class company, and SEDA is proud to have been able to assist in their most recent headquarters expansion. The EDA grant funds secured through our efforts for a significant portion of the project’s required infrastructure developments ultimately contribute to what any community needs most in this depressed economy – the creation of 1,000 new medium to high-wage jobs,” remarked SEDA Board Chairman Tommy Hester. “Gulfstream is promoting a new era of U.S. manufacturing that cannot be easily replicated, further positioning our community and the state on an international stage. We are excited about the future impact of this project, one whose ripple effects will be felt for years to come.”
This investment will fund construction of water improvements and a publicly owned road to connect Lummus Drive to Mckenna Drive, which will allow Gulfstream Aerospace Corporation to expand operations in the Crossroads Business Park.
About the U.S. Economic Development Administration (www.eda.gov):
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.