PRAIRIE DU CHIEN (WXOW) -- The U.S. Department of Commerce's Economic Development Administration (EDA) announced Friday afternoon that Prairie du Chien will receive a $1.4 million grant to improve the city's stormwater infrastructure in the North Gateway Business Park.
The grant will be matched with another $357,269 in local funds.
The combined money is expected to create more than 50 jobs, retain 241 jobs, and generate $3.1 million in private investment.
Under President Trump's Tax Cuts and Jobs Act of 2017, Prairie du Chien was designated as an "Opportunity Zone." According to the EDA's website, "an Opportunity Zone is an economically-distressed community where private investments, under certain conditions, may be eligible for capital gain tax incentives." It is meant to encourage economic development and job creation by attracting long- term investments in low-income neighborhoods.
Wisconsin has 120 designated Opportunity Zones. Richland County, another Opportunity Zone, also received a $328,972 grant to reduce future flood impacts on it’s economic base. The Richland County grant will be matched with $82,243 in local funds.
In a news release, Secretary of Commerce Wilbur Ross said, “This project will expand the North Gateway Business Park to create flood-resistant building sites, and the project’s location in an Opportunity Zone will attract additional investment.”