State gets $4.8 million of federal funds to boost economic growth

  From Staff Reports
  The U.S. Commerce Department's Economic Development Administration (EDA) today announced $4.8 million in investments to the State of Tennessee to boost business development and job growth.
  U.S. Commerce Secretary Donald Evans said the investments were great examples of the commitment by Tennessee Senators Bill Frist and Lamar Alexander to help the Bush administration empower local communities with the necessary tools to grow their economy, attract investments and create jobs in Tennessee.
  "EDA's investment in Tennessee, which is being leveraged with local and private dollars, shows the Administration's commitment to communities to create new jobs and build the infrastructure needed for future growth," Frist said in a statement on Thursday. "(The) announcement is a real push for economic development in cities like Memphis, Jackson, Nashville, Johnson City and others, and I commend President Bush and Secretary Evans for their support."
  "This funding will keep valuable jobs in Tennessee, and it will also mean more than 1,500 new, good-paying jobs across the state," said Sen. Lamar Alexander. "Senator Frist and I appreciate President Bush and Secretary Evans' commitment to economic development in Tennessee."
  The investments include:
  * $1 million to the East Tennessee State University Research Foundation of Johnson City to expand the East Tennessee State University Innovation Lab. The expansion will include the building of 14 new business suites, which will provide offices for new state-ups and two wet labs for development research. The project is expected to spur more than $25 million in private investment and create 160 new jobs.
  * $1 million to Lane College of Jackson to help rehabilitate existing buildings for use as the Center for Entrepreneurial Growth and Technology Innovation. The investment will help generate more than $5 million in private investment and create more than 200 new jobs.
  * $52,000 to the First Tennessee Economic Development District of Johnson City to continue a comprehensive economic development planning program.
  * $800,000 to the City of Oak Ridge Industrial Development Board to provide infrastructure improvements in support of the City Center commercial complex. The project is expected to spur $40 million in private investment and create more than 610 new jobs.
  * $100,000 to the University of Memphis to support the operation of the University Center economic development technical assistance program. The University Center program provides local government and nonprofit organizations with resources to better analyze the economic needs of local communities.
  * $59,500 to the Greater Nashville Development District of Nashville to continue a comprehensive economic development planning program.
  * $35,000 to Cocke County to prepare a transportation and infrastructure plan that will help build the county's tourism, industrial, retail, commercial and downtown sectors.
  The EDA serves as a venture capital resource to meet the economic development needs of distressed communities throughout the United States.