Ludlow, MA – U.S. Secretary of Commerce Wilbur Ross announced that the Department’s Economic Development Administration (EDA) is investing $3.1 million in the town of Ludlow to help support the growth of local manufacturing by improving Riverside Drive. The project, to be matched with $3.1 million in local funds, is located in a Tax Cuts and Jobs Act designated Opportunity Zone and is expected to create more than 950 jobs and generate more than $90.6 million in private investment.
The Riverside Drive improvement project will include construction of approximately 4,500 feet of public roadway including water and sewer lines and underground utilities to provide safe and adequate access to new manufacturing space within Ludlow’s industrial area.
This project was made possible by the regional planning efforts led by the Pioneer Valley Planning Commission. EDA funds the Pioneer Valley Planning Commission 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 funding goes to a Tax Cuts and Jobs Act designated Opportunity Zone, which provides special incentives for further private sector participation and development. Created by President Donald J. Trump’s Tax Cuts and Jobs Act of 2017, Opportunity Zone designations spur economic development by giving tax incentives to investors in economically-distressed communities nationwide.
