U.S. EDA Investment to Help Memphis Recover from 2010 Flood Damage

The U.S. Commerce Department’s Economic Development Administration announced Friday, Dec. 30, a $150,000 grant for Shelby County Government to help develop a comprehensive planning effort to assist the county in developing the Interstate 69/Interstate 269 International Trade Corridor as well as addressing ways to mitigate flooding along the corridor.

The investment comes as part of disaster supplemental funding provided to EDA by Congress in response to massive flooding in the region in May 2010. Shelby Country was also declared a disaster area by the Federal Emergency Management Agency in response to the flooding.

“Economic recovery and development are top priorities for the Obama Administration,” U.S. Assistant Secretary of Commerce for Economic Development John R. Fernandez said in a release. “This EDA grant will guide local economic development efforts to attract private investment along the Corridor and will help the region become even stronger than before.”

This investment will help create the blueprint and implementation strategies that regional leaders hope will make the I-269 International Trade Corridor the epicenter of North American trade. The comprehensive planning efforts will provide local government with the information and guidance to be utilized in future development plans along the Corridor.

The plan will also address strategies to mitigate flooding along the corridor area in an effort to protect development opportunities in the region.

“The planning effort will promote growth of existing industry clusters as well as identify and promote emerging clusters in the region,” said Shelby County Mayor Mark Luttrell.