Las Vegas, Dec. 13, 2021 (GLOBE NEWSWIRE) -- LAS VEGAS–Las Vegas Global Economic Alliance (LVGEA) has been named one of 60 finalists for Phase 1 of the American Rescue Plan’s $1 Billion Build Back Better Regional Challenge from the federal Economic Development Administration (EDA).
“I would like to commend the Las Vegas Global Economic Alliance for being one of 60 finalists for the proposal they submitted for the Build Back Better Regional Challenge,” said Nevada Governor Steve Sisolak. “LVGEA’s proposal addresses critical infrastructure needs in Southern Nevada to further develop our manufacturing sector. Ultimately, this grant will translate into more companies coming into our state that will create good jobs.”
As a finalist, LVGEA will be awarded $500,000 in a planning grant for preparation of Phase 2 of the two-part competition, which will ultimately award 20-30 coalition winners up to $100 million to implement proposals.
“This is a perfect example of regional collaboration in action,” said Betsy Fretwell, LVGEA Board Chair. “This grant represents a major opportunity to drastically accelerate advanced manufacturing and economic diversification in Southern Nevada. Our region is ready.”
The Build Back Better program from the EDA aims to boost recovery and investment in regional economic development for communities around the country. It also provides investment to strengthen regional industry clusters. For Southern Nevada, that target is Advanced Manufacturing.
“I pushed for the American Rescue Plan to include EDA funding to support our economy and help create good-paying jobs in Nevada and across the country,” said Senator Cortez Masto. “LVGEA and our local partners have done great work to promote economic development in Southern Nevada, and that’s why we worked to secure them this funding. I’m glad to see LVGEA’s efforts have been recognized, and I’ll keep working in the Senate to make sure all of Nevada is able to benefit from our continuing economic recovery.”
“The pandemic has demonstrated the growing importance of diversifying Nevada’s economy. As Chair of the Subcommittee overseeing the EDA, I am proud to have secured these resources in the Rescue Plan to allow the state to make long-term economic development plans and ensure that Nevada truly builds back better,” said Rep. Dina Titus.
The LVGEA-led proposal demonstrates the responsiveness and creativity of local and state government, higher education, and nonprofit partners that make up the regional coalition to synergize high-impact regional projects within Southern Nevada.
“LVGEA’s proposal was a first ever collaboration in Southern Nevada that included local governments, the Governor’s Office of Economic Development (GOED), UNLV and Workforce Connections,” said Michael Brown, GOED Executive Director. “It nicely reflects the priorities the GOED developed in Nevada’s Plan for Recovery and Resilience. We identified the need to develop regionally designed industrial centers and that’s exactly what LVGEA’s proposal does.”
In alignment with LVGEA’s regional Comprehensive Economic Development Strategy (CEDS), four regional projects are proposed, should the application move forward: 1) expanding a water line to support manufacturing; 2) developing a manufacturing area in the region; 3) providing education, entrepreneurship and business acceleration, and other support for advanced manufacturing; and 4) developing sites for advanced manufacturing businesses.
To view the application, click here.
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About Las Vegas Global Economic Alliance
The Las Vegas Global Economic Alliance (LVGEA) is a public-private partnership dedicated to growing the economy in Southern Nevada through connectivity, community development, and strong business recruitment, retention and outreach. As Southern Nevada’s regional development authority, the LVGEA’s vision is to help residents thrive in a global economy by fostering a more prosperous, diverse and connected regional economy. To learn more, visit lvgea.org.
LVGEA has been designated as one of eight Regional Development Authorities (RDA) in Nevada by the Governor’s Office of Economic Development (GOED) for 2021-2022. Each RDA receives oversight and major financial support from GOED.
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