Thursday, March 10, 2016

More facts about Lake Worth's recent Economic Development Administration (EDA) grant for $1.4 million

If you haven't been following this recent news read more using this link. The City of Lake Worth has a newsletter called, "Worth Noting" you can sign up for using this link. It only takes a few seconds to have future news delivered to your email inbox.

Here are more facts from the most recent newsletter (2/23) about the EDA grant the City recently received for the Park of Commerce:
  • This money is specifically for economic development, meaning that it cannot be used for neighborhood streets or residential improvements.
  • Likewise, residents should know that their property taxes will not contribute to the project.
  • Businesses in the Park of Commerce will pay taxes to the City of Lake Worth, bringing additional revenue to the City.
And more information:

     "Winning an award from the EDA is extremely competitive. At the time of announcement, Lake Worth was one of only three winners nationwide. Although the City has applied for the grant before, the 'homework' had not been completed making it virtually impossible for the City to receive grant funding.
     In order to be eligible for an EDA grant, a project must be 'shovel-ready.' This means that all engineering design work, engineering and environmental reports, and cost analysis had to be completed. These documents must be forwarded to the State of Florida Clearinghouse for approval by the various affected agencies. Further, the City had to indicate that it had the ability to contribute to the project.
     An important part of the application process was inclusion in the regional Comprehensive Economic Development Strategy, or CEDS. The federal government only provides grants to projects that are beneficial to the region. Lake Worth worked with the Treasure Coast Regional Planning Council to demonstrate how the development and job creation in the Park of Commerce was not only good for the city and its residents, but also the region as a whole."

And the City of Lake Worth is also on Twitter: