Abraham announces $1.5 million grant to develop area near CenturyLink, IBM
WASHINGTON - Congressman Ralph Abraham, M.D., R-Alto, announced Friday that the federal Economic Development Administration (EDA) has awarded the City of Monroe with a grant that’s anticipated to stimulate $20 million in economic development.
EDA will fund $1.5 million of a project to expand Venable Lane from U.S. 165 to the new access road linking CenturyLink Village and the IBM building. The project will account for 174 jobs, including 80 new jobs, and an expected $20 million impact on local economic development, according to grantee estimates. The total cost of the project is $2,368,492.
“Interstate 20 is quickly becoming a new cyber corridor in the United States, with CenturyLink and IBM leading the way. This project will result in more economic growth with new commercial and industrial development in Northeast Louisiana. But best of all - we can expect more high-paying jobs to come to Monroe. I commend EDA for awarding this grant and for the local stakeholders who worked with us to make it a reality,” Dr. Abraham said.
EDA grants are awarded through a competitive process based on the application’s merit, eligibility and availability of funds.