The Kilgore Economic Development Corp. is set to receive a $1 million grant that is expected to create 150 jobs and generate $8 million in private investment, officials announced Monday.
The money will be used to expand Elder Lake Road and Synergy Boulevard in Synergy Park, said Bobby Beane, president of the Kilgore Economic Development Corp.'s board. A couple of years ago, the corporation bought an additional 200 acres of land at the northern end of the park that has been inaccessible because of there haven't been roads to it, Beane said.
"We are just extremely pleased to get this grant, which will make that acreage available for expansion of the park," he said. "We'll be able to make that land available for use by new or existing businesses."
With companies being able to use the land, it could create up to 150 jobs and $8 million in private investment, Locke said.
"This grant will create jobs and spur economic growth in the Kilgore region by building the critical infrastructure businesses need to operate and expand," Locke said.
The Economic Development Administration partners with communities in the nation to foster economic growth and to create jobs.
"The biggest thing is that we're really excited about being able to open up that 200 acres," Beane said. "It's going to be a tremendous help to us."
The U.S. Department of Commerce's Economic Development Administration is giving $1 million to Kilgore to help build infrastructure improvements to serve business needs at Synergy Park, according to a statement from U.S. Commerce Secretary Gary Locke.
