WASHINGTON-In a press release, U.S. Secretary of Commerce Wilbur Ross today announced that the Department's Economic Development Administration is awarding a $1.5 million grant to the city of Mount Vernon, Texas, to make rail infrastructure improvements needed to support business development and expansion in Northeast Texas and Southwest Arkansas.
According to grantee estimates, the project is expected to create 82 jobs, retain 55 jobs, and generate $2 million in private investment.
"Revamping American infrastructure in communities across the United States is a key priority for President Trump and the Department of Commerce," said Secretary of Commerce Wilbur Ross. "This crucial infrastructure project will help attract new businesses to the region while providing the opportunity for existing businesses to grow."
"I'm looking forward to the positive impact that will stem from the newly announced rail infrastructure grant in Mount Vernon," said U.S. Rep. John Ratcliffe. "We all know that Northeast Texas is a prime spot for investments just like this, and I'm confident about the new jobs and economic growth we'll see as a result."
The project will make improvements to the Northeast Texas Rural Rail Transportation corridor, including the construction of a transload facility and spur that will support the efficient movement of international shipping containers in addition to providing existing businesses with the opportunity to access new markets and cut transportation costs. This project was made possible by the regional planning efforts led by the Northeast Texas Economic Development District. EDA funds the Northeast Texas Economic Development District to bring together the public and private sectors to create an economic development roadmap to strengthen the regional economy, support private capital investment, and create jobs.
The Texarkana Gazette will feature a story this coming Sunday about the Mount Vernon Economic Development Corp., their efforts to secure this grant, what it will do and what it means for the region in transportation and economic development.