The U.S. Department of Commerce’s Economic Development Administration (EDA) recently awarded a $4.2 million grant to assist Petersburg with improvements to and expansion of the city’s water system to both support existing businesses and attract new businesses.

Located in a Tax Cuts and Jobs Act Opportunity Zone, the project will have $2.8 million in local matching funds and is expected to create or retain approximately 100 jobs while encouraging an estimated $19.6 million in private investment, according to an EDA press release.

“EDA encourages investment in Opportunity Zones to not only enhance return on investment for business interests, but also encourage the public/private partnerships needed to drive investment to distressed communities,” Dana Gartzke, performing the delegated duties of the assistant secretary of Commerce for Economic Development, was quoted as saying in the release. “Updated water infrastructure is essential for business development and will attract other transformative investment to Petersburg and Pike County.”