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At Tuesday's city council meeting which drew representatives from local, state, and federal the U.S. Economic Development Administration presented a grant check for $1.9 million to Embry-Riddle Aeronautical University.
The funding is earmarked for a new 10,000-square-foot building on the existing Embry-Riddle's campus. The new structure will be LEED (Leadership in Energy and Environmental Design) certified and will serve as a center for business incubation and accelerationa with the projected 160-acre mixed-use technology park.
"The only way this country is going to compete in the 21st century is by being competitive, entrepreneurial, and innovative," said Matthew Crow, deputy assistant secretary for external affairs and communications for the U.S. Department of Commerce's Economic Development Administration.
"We look for areas where the money will get the biggest bang for the buck - where it will affect the greatest amount of people," Crow added. "This was the right recipe for job growth."
Virginia Turner, director of Gov. Janet Napolitano's Northern Arizona office, told the crowd that the governor hopes the Embry-Riddle project will help "diversify economic development in Prescott and the region."
According to ERAU officials, construction should be complete sometime in mid 2010.
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