DRA Announces $38,000 Investment to Support Opportunity Zones in West Tennessee

August 08, 2019

DRA’s investment will help connect investors, property developers, and businesses in West Tennessee Opportunity Zones

CLARKSDALE, MS – Today, the Delta Regional Authority (DRA) announced a $38,000 investment to support Opportunity Zones (OZ) in rural communities across West Tennessee. The Tennessee Department of Economic and Community Development (TNECD) will use DRA funds to create an information exchange database to serve as a marketing tool and interactive resource for interested stakeholders. The comprehensive database will serve as a virtual meeting place for investors, fund managers, property developers, new or expanding businesses, and local stakeholders. TNECD will also use the database to house the latest OZ news and investment activity, serve as a search engine for eligible projects, and provide information on additional financial incentives at the state, county, and municipal level.

“As a member of the White House Opportunity and Revitalization Council, I am pleased to support the Tennessee Department of Economic and Community Development’s new initiative to support Opportunity Zones in West Tennessee,” said DRA Federal Co-Chairman Chris Caldwell. “DRA’s investment will help the Delta region attract qualified fund managers and unlock private capital that will stimulate economic development and promote sustainable growth in underserved communities.” 

“What’s good for rural Tennessee is good for all of Tennessee, and I’m pleased to see the Delta Regional Authority investing in our Opportunity Zones,” said Gov. Bill Lee. “This innovative new tool will help our neighbors in West Tennessee expand and promote economic development. I’d like to thank the Delta Regional Authority for partnering with the Department of Economic and Community Development and investing in our rural communities.”  

Funding for this project was provided by the States’ Economic Development Assistance Program, DRA’s flagship grant program that makes strategic investments into projects supporting basic public infrastructure, transportation improvements, workforce training and education, and business development with an emphasis on entrepreneurship.

About the Delta Regional Authority

Established in 2000 by Congress, the Delta Regional Authority makes strategic investments of federal appropriations into the physical and human infrastructure of Delta communities. Led by the Delta Regional Authority Board-comprised of the Federal Co-Chairman, appointed by the President and confirmed by the U.S. Senate, and the governors of the eight states-the Delta Regional Authority fosters local and regional partnerships that address economic and social challenges to ultimately strengthen the Delta economy and the quality of life for Delta residents. The Delta Regional Authority works to improve regional economic opportunity by helping to create jobs, build communities, and improve the lives of the 10 million people who reside in the 252 counties and parishes of the eight-state Delta region.

DRA Media Contact: Susan Edwards         
501-682-7392
sedwards@dra.gov

DRA Program Contact: Kemp Morgan
662-483-8210
kmorgan@dra.gov