The Economic Development Administration serves as a venture capital resource to meet the economic development needs of distressed communities throughout the United States through the promotion of innovation and competitiveness and preparing regions for growth and success in the global economy.
According to the Economic Development Administration, the disaster recovery projects work to minimize economic dislocations resulting from natural and other disasters, improving responsiveness and effectiveness in the recovery process.
The Economic Development Administration has awarded funds as described below.
· Columbus Junction will receive $2,902,500 to help construct a new water treatment facility outside the floodplain.
· Dubuque will receive $1.5 million to help construct a multi-level parking facility.
· Iowa City will receive $22 million to help relocate the north wastewater treatment facility out of the Iowa River floodplain and $3 million to help design and perform engineering work to reconstruct and elevate Dubuque Street and the Park Road Bridge.
· Shenandoah will receive $232,500 to reconstruct storm sewer infrastructure in downtown Shenandoah.