Monroe Biotech Facility, New Orleans Jazz Museum Awarded EDA Grants Totaling $2.7 Million
American Rescue Plan funds investments in Louisiana’s life sciences and tourism sectors
A north Louisiana bioscience center and a New Orleans Jazz Museum expansion are receiving a combined $2.7 million in American Rescue Plan grants through the U.S. Department of Commerce’s Economic Development Administration.
EDA committed $1.8 million to support construction of a new Biomedical Research and Innovation Park on the University of Louisiana Monroe campus. State and local matching funds elevate the total grant value to $3.6 million. The New Orleans Jazz Museum is receiving $900,000 from EDA for improvements to its French Quarter site; an additional $225,000 in local funds brings the total grant value to $1.1 million.
Located in the former U.S. Mint in New Orleans, the Jazz Museum is upgrading its facility by remodeling the first-floor café, building an outdoor stage and making other improvements. The Louisiana Museum Foundation estimates the investment will support a total of 55 new and retained jobs, and could generate as much as $33 million in private investments by attracting new visitors to the city.
The biomedical park is being built adjacent to ULM’s School of Pharmacy. Its mission is to support the growth of the biotechnical industry in north Louisiana by developing a physical hub where start-ups and existing life sciences companies can develop their business models. Total capital investment is projected to reach $34 million; EDA and matching funds are dedicated to infrastructure and site development. Upon completion, the project is expected to create 175 new jobs in the Monroe area.