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Cole Applauds EDA’s Substantial Investment in Ardmore Area

October 20, 2020
Press Release

Washington, D.C. – Congressman Tom Cole (OK-04) applauded last week’s announcement from the U.S. Department of Commerce’s Economic Development Authority (EDA) that a $1.25 million grant will be awarded to the Ardmore Development Authority, located in the Fourth District of Oklahoma. The funding will go toward water infrastructure upgrades needed to support business growth at the Ardmore Industrial AirPark. The EDA grant, to be located near a Tax Cuts and Jobs Act Opportunity Zone, will be matched with nearly $2 million in local funds and is expected to help create 1,525 jobs.

“I am delighted to hear that the Ardmore Development Authority will receive a substantial grant,” said Congressman Tom Cole. “These much-needed advancements to water infrastructure will not only drive business growth at the Ardmore Industrial AirPark, it will create numerous jobs in the surrounding area and its communities. I appreciate that the Trump Administration and the Economic Development Administration recognize Ardmore’s potential as an Opportunity Zone and are actively making these crucial investments to revitalize the area.”

“The Trump Administration understands that reliable and modern infrastructure is essential to business development and success,” said Secretary of Commerce Wilbur Ross. “This project will provide the vital, modern water infrastructure needed to spur trade-related business growth at Ardmore’s Industrial AirPark, and its location near an Opportunity Zone will drive further investment into the region.”

“EDA is pleased to support Ardmore’s strategy to maximize the use of its Industrial AirPark and Opportunity Zone,” said Dana Gartzke, Performing the Delegated Duties of the Assistant Secretary of Commerce for Economic Development. “The project will increase Ardmore’s access to international trade and help transform the area.”

“I am proud of the $1.25 million EDA grant awarded to the Ardmore Development Authority which will be matched with almost $2 million in local funds,” said Senator Jim Inhofe. “This funding will go a long way to make water infrastructure upgrades at the Ardmore Industrial Airpark and I look forward to the increased economic growth once this project is completed. I appreciate that the Trump Administration continues to prioritize responsible economic development in Oklahoma.”

This project was made possible by the regional planning efforts led by the Southern Oklahoma Development Authority (SODA), which EDA funds 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 announced funding will catalyze private investment in a nearby Opportunity Zone.

Background on Opportunity Zones

Created by the Tax Cuts and Jobs Act signed into law by President Trump in 2017, Opportunity Zones spur economic development in economically distressed communities nationwide. In June 2019, EDA added Opportunity Zones as an Investment Priority, which increases the number of catalytic Opportunity Zone-related projects that EDA can fund to fuel greater public investment in these areas. To learn more about the U.S. Department of Commerce’s work in Opportunity Zones, click here. To learn more about the Opportunity Zone program itself, click here.

About the U.S. Economic Development Administration

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.

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