THIS EDA INVESTMENT WILL SUPPORT THE CITY OF HANCOCKS EFFORT TO CULTIVATE INDUSTRIAL AND TECHNOLOGY-BASED BUSINESSES BY PROVIDING DEVELOPMENT-READY SPACE FOR NEW AND EXISTING COMPANIES TO EXPAND. THE PROJECT WILL HELP THE AREA DRAIN STORMWATER MORE EFFECTIVELY, MAKING IT MORE RESILIENT TO FLOODING SUCH AS OCCURRED IN THE 2018 FLOOD EVENT WHICH DAMAGED LOCAL INFRASTRUCTURE. THE CITY'S CURRENT PARK IS NEARLY FULL, AND A NEW BUSINESS AND TECHNOLOGY PARK IS CRITICAL TO EXPANDING THE CITYS EXISTING BUSINESS BASE AND RECRUITING NEW TECHNOLOGY FIRMS TO LOCATE THERE TO BUILD RESILIENCE IN THE FACE OF FUTURE DISASTERS. EDAS ASSISTANCE IN DEVELOPING THE NEW 40-ACRE PARK WILL ALLOW THE CITY OF HANCOCK TO CAPTURE FUTURE BUSINESS EXPANSIONS AND CREATE NEW JOBS AND PRIVATE INVESTMENT WITH A STRATEGIC FOCUS ON THE TECHNOLOGY SECTOR. THE WESTERN UPPER PENINSULA PLANNING AND DEVELOPMENT REGIONAL COMMISSION WAS INSTRUMENTAL IN THE PROPOSAL'S DEVELOPMENT AND SUCCESS AND WILL ADMINISTER THE PROJECT ON THE CITY'S BEHALF.