This EDA investment will result in the expansion and renovation of newbo city market in cedar rapids, iowa

Active Project Grant Awarded Last action

Award ID
ED24DEN0G0301
Recipient
Awarding agency
Obligated
$2,604,724

Award facts

Assistance listing
11.300 Investments for Public Works and Economic Development Facilities
Completion date 61% complete
Funding
  • $1,302,362.00 Federal
  • $1,302,362.00 Non-federal
Place of performance
Cedar Rapids, IA 52401, USA

Award details come from USAspending.gov.

Description

As the agency reported it.

Through this project, the market will increase space available to agricultural entrepreneurs by 30 percent and continue to drive workforce growth, redevelopment, and local food systems in the area. The project will include upgrades to the structural foundation, as well as modifications or upgrades to the utilities to support the mezzanine (HVAC, electrical, plumbing, water, and gas). The economic impact of the project will spill over into the surrounding persistent, high poverty census tracts by spurring both entrepreneurial and agricultural-related business creation. As a direct result of this project, IT is anticipated that between 40 and 75 jobs will be created as self-employed individuals graduate from newbo?s technical assistance and incubation programs. This project was made possible by the regional planning efforts led by the east central iowa council of governments. EDA funds east central iowa council of governments 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.

Quick answers

Who received award ED24DEN0G0301?

ED24DEN0G0301 was awarded to Newbo City Market by Economic Development Administration (Department of Commerce) on September 3, 2024.

How much is award ED24DEN0G0301 worth?

$2,604,724 has been obligated on ED24DEN0G0301: $1,302,362 in federal funding and $1,302,362 in non-federal funding.

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