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4/16/2020
• DAVE ROBINSON
• NATE GREEN
• TIM BIGGAM
• JAMIE BEIER GRANT
• MONTROSE GROUP, LLC
OREGON ECONOMIC DEVELOPMENT ASSOCIATION
MONTROSE GROUP COVID 19 ECONOMIC RECOVERY STRATEGY
MONTROSE GROUP COVID 19 ECONOMIC RECOVERY STRATEGY
4/16/2020 2
Oregon Economic Development Association
MONTROSE GROUP COVID 19 ECONOMIC RECOVERY STRATEGY
MONTROSE GROUP, LLC WROTE THE BOOK ON ECONOMIC DEVELOPMENT
4/16/2020 3
MONTROSE GROUP COVID 19 ECONOMIC RECOVERY STRATEGY
Assess Economic Damage
Emsi Data dive to measure the before, during and after of the disaster's impact on the region's economy, workforce and employer base• Emsi Job Postings Analytics • Emsi Input-Output Model• Emsi Skill Shape Analysis for Upskilling Opportunities • Emsi Supply Chain Analysis
Business Development
Company Triage & Concierge RolePost-COVID 19 industry target marketing strategy Site Development Plans Build PPPs with local, state & federal funding • Economic Development Planning• Public Infrastructure for Projects• Community Centers• Housing Rehabilitation• Revolving Loan Funds• Workforce Development• Rural Broadband Service
4/16/2020 5
MONTROSE GROUP COVID 19 ECONOMIC RECOVERY STRATEGY
Assess COVID 19 Economic Impact
• Federal Reserve found manufacturing output decreased 6.3% from the prior month• US restaurants report in March laying off 3 M workers & losing sales of $25 B • St. Louis Federal Reserve estimates COVID 19
• Increase the unemployment rate past 32%• IMF predicts US GDP will shrink 5.9% in 2020• Retail sales plunged 8.7% in March
• Car sales dropped 25.6 %• Clothing sales fell 50.5 %• Grocery sales increased 26% • Non-store retail increased 3.1%
4/16/2020 6
MONTROSE GROUP COVID 19 ECONOMIC RECOVERY STRATEGY
4/16/2020 7
20,000
40,000
60,000
80,000
100,000
120,000
14-Mar-2020 21-Mar-2020 28-Mar-2020 04-Apr-2020
Oregon Unemployment Claims Filed
MONTROSE GROUP COVID 19 ECONOMIC RECOVERY STRATEGY
Post-COVID 19 Industry Winners
• Logistics• Medical Equipment
Manufacturers• PhRMA• E-Commerce
Post-COVID 19 Industry Losers
• Traditional brick & mortar retail
• Airlines• Events• Hospitality
4/16/2020 8
MONTROSE GROUP COVID 19 ECONOMIC RECOVERY STRATEGY
Construction Material Sales Tax Exemption
Constructing Financing
Tax Increment Financing
• School Compensation
AgreementsLocal and State
GrantsJoint Economic Development
DistrictsTransportation
Improvement Districts
Infrastructure Finance
Tax Abatements• School
Compensation Agreements
Tax Credits
Tax Incentives
ZoningAnnexationEasements
Land Use Entitlements
4/16/2020 9
Montrose GroupSite Development Approach
MONTROSE GROUP COVID 19 ECONOMIC RECOVERY STRATEGY
SAMPLE STATE DEMOGRAPHIC DATA IMPACTING SITE DEVELOPMENT
4/16/2020 10
Fact Missouri Tennessee Oregon OhioPopulation 6,137,428 6,829,174 4,217,737 11,689,100Homeownership Rate 66.80% 66.30% 61.90% 66.00%Median Rent $809 $841 $1,050 $788Bachelor's Degree Rate 28.60% 26.60% 32.90% 27.80%Total Accommodation/Food Services Sales 12,430,310 12,499,013 8,466,788 20,652,777Total Retail Sales Per Capita $15,036 $14,194 $12,690 $13,301Median Household Income $53,560 $50,972 $59,393 $54,533Poverty Rate 13.20% 15.30% 12.60% 13.90%Total Employers 150,882 137,918 117,357 253,001Total Employment 2,517,204 2,650,007 1,596,637 4,815,946
MONTROSE GROUP COVID 19 ECONOMIC RECOVERY STRATEGY
0.0
100000.0
200000.0
300000.0
400000.0
500000.0
600000.0
700000.0
800000.0
State GDP Comparison Impacting Site Development
Ohio GDP Missouri GDP Tennessee GDP Oregon GDP
4/16/2020 11
MONTROSE GROUP COVID 19 ECONOMIC RECOVERY STRATEGY
0 5,000,000,000 10,000,000,000 15,000,000,000 20,000,000,000 25,000,000,000
Missouri
Ohio
Oregon
Tennessee
Targeted Multi-State Business Tax Comparison Impacting Site Development
Total business Taxes Licenses Individual Income Tax Unemployment Insurance Tax
Corporate Income Tax Excise Tax Sales Tax Property Tax
4/16/2020 12
MONTROSE GROUP COVID 19 ECONOMIC RECOVERY STRATEGY
Ohio
•Enterprise Zone Program•Real & personal property tax exemptions on substantial improvements with job creation
•Up to 100% with school board approval, awarded by city or county
•retail generally not eligible •Community Reinvestment Area•Real property exemptions on substantial improvements and job creation
•Up to 100% with school board approval, awarded by city or county
•retail generally not eligible but residential is
Tennessee
•Sales and use tax exemptions•Manufacturing machinery and utilities, corporate headquarters, warehouse and distribution facilities, call centers, data centers, and for research and development facilities
•Fasttrack Economic Development Fund•Closing Fund•Grants to local governments and then reimbursed to companies
•Funds retrofitting of buildings, acquiring real property, relocation of equipment, and other expenditures not covered under other Fasttrack programs.
Missouri
•Enhanced Enterprise Zone Program•State income tax credits for 5 years and local real property tax abatement of 50% for 10 years if:
•�Located in approved zone•�Approved business clusters•�New or expanded business creating or maintaining 2 new employees and $100,000 new, or
•Replacement business creating or maintaining 2 new employees and $1,000,000 new investment
•Provides health insurance and pay at least 50% of the premium
•Brownfield Remediation Program•redevelop contaminated commercial/industrial sites
•creating 10 jobs or retaining 25 to clean hands company accepted in 'Voluntary Cleanup Program"
•Remediation Tax Credits may be used for up to 100% of the cost to remediate the project property
Oregon
•Enterprise Zone Program•Exempts businesses from local property taxes on new investments
•Sponsored, created, and managed by a local government in 74 EZ Zones
•100% property tax exemption from normally assess on a new plant and equipment for non-retail businesses' location or expansion for a period of three to five consecutive years
•Qualified property includes new building structures, structural modifications, newly installed machinery but not land or previously used property
•Business must• Increase full-time employment inside the Zone by the greater of one new job or 10%
•Have no concurrent job loss outside the Zone•Maintain minimum employment during the exemption
•Engage in job-training as well as conform to any local conditions
4/16/2020 13
Samples of State Tax Incentive Programs Supporting Site Development
MONTROSE GROUP COVID 19 ECONOMIC RECOVERY STRATEGY
Missouri
• Data Center Sales Tax Exemption Program• Sales and utility tax exemption on data center
construction• Creates 10 new jobs paying average wages
150% of the county average wage, invests $25 M within 36 months
• 15 years of state and local sales tax exemptions• Existing data centers eligible for a 10-year
exemption if creating at least 5 new jobs within 24 months, paying 150% of the county average way, and investing $5 million within a year
Ohio
• Data Center Sales Tax Exemption• Full or partial abatement from state and local
sales tax on purchases of eligible data center equipment totaling at least $100 million and creating an annual payroll of $1.5 million
• Applies to multi-tenant data-centers allowing multiple customers at one site to aggregate their purchases and payrolls in order to qualify
4/16/2020 14
Samples of State Data Center Incentives Supporting Site Development
MONTROSE GROUP COVID 19 ECONOMIC RECOVERY STRATEGY
Missouri Local TIF
•Capture local property and sales tax increase for up to 23 years for redevelopment
•Sites blighted, conservation, or economic development
•Funds professional service studies, land surveys, land acquisition, demolition, rehabilitation, and building infrastructure
•State Supplemental TIF•Redevelop blighted areas by providing essential public infrastructure financing
•Located in blighted or CBD•Gap financing with local TIF•Underlying local TIF provides 50% of new, local sales tax revenue and 100% of new real property tax revenue
•15 years for public works improvements
Ohio TIF
•Townships, municipalities, and counties•Finance infrastructure improvements and, limitedly, residential rehabilitation associated with new development
•Pauses the taxable worth of real property within a specified area and redirects tax payments over this amount (derived from increases in real property value) to a separate fund financing the infrastructure project
Tennessee TIF
•Cities and counties•Economic impact plan•Captures future tax revenues to pay for current community improvements
•Supports blighted and deteriorated areas, industrial development, recreation, convention centers and tourism
•Funds public infrastructure, utility service, professional development services, equipment costs
Oregon TIF
•Cities with populations greater than 50,000 to use a portion of property taxes generated within the district to invest in the district's infrastructure, providing further incentive for private investment
•Property value increase invested in TIF district funding
•Might also be used to retain businesses as well as to attract new entities
4/16/2020 15
Sample State TIF Laws Supporting Site Development
MONTROSE GROUP COVID 19 ECONOMIC RECOVERY STRATEGY
Missouri
• Infrastructure Development Opportunities Commission Program•Provides local political subdivisions, including public sewer and water districts, with long-term, 3% interest rate loans between $25,000 and $150,000
•Help rural communities and districts•Loans fund infrastructure improvements prioritizing water, sewer, and safety issues
Ohio
•Roadwork Development 629 Grants•Reimbursable public infrastructure funding to local governments, port authorities, and companies
•Manufacturing, high-tech, corporate headquarters, and distribution activity
•Cover engineering, design costs, actual construction of roadways and/or utility improvements
Tennessee
•Tennessee Fasttrack Infrastructure Program•Grants for local governing bodies for public infrastructure
•Companies creating jobs or making capital investments and must include a local match based on
•Eligible projects include those affecting rail, public roadways, ports, airports, water, sewer, and gas
•Grants determined by the number of full-time jobs, amount of company investment, location of the project (at-risk counties 35% premium and distressed counties 50% premium), average wage of new jobs, and other factors
Oregon
•Oregon Regional Infrastructure Fund•Local government grants•Eligible project supports growth, addresses a regional priority, supports job creation and retention, does not rely upon continuing subsidies, and is ready for implementation upon approval
•Business Investment Program•“Traded-sector" businesses, such as manufacturing firms
•Project must receive local government incentives or be in a pre-approved Strategic Investment Zone
•15-year exemption is on project property greater than $100 M in metro and $25M elsewhere
•Community service fee of 25% of tax savings is paid each year to local governments
•Projects include capital spending, and technology, research and workforce investments
4/16/2020 16
State Infrastructure Grants Supporting Site Development
MONTROSE GROUP COVID 19 ECONOMIC RECOVERY STRATEGY
RICKENBACKER
GLOBAL
LOGISTICS
PARK &
BEYOND
4/16/2020 17
MONTROSE GROUP COVID 19 ECONOMIC RECOVERY STRATEGY
0
2
4
6
8
10
12
14
16
State Loan Programs CDBG Tax Relief Filings Hospitality Funding No State Business Recovery Programs
Current State COVID 19 Business Support Programs Survey
4/16/2020 18
MONTROSE GROUP COVID 19 ECONOMIC RECOVERY STRATEGY
California $1 B Loan Business Loan Programs
Arizona $50M Coronavirus Relief Fund
JobsOhio $200M Loan Fund, Port Financing, Loan
Guarantees
Arkansas $12M CDBG Program
Oregon• Small Business Loan Modifications
and Forgiveness defers payments and interest
• "Small Business Stabilization Fund" $700,000 as leverage for funding from others
Florida $50 Emergency Bridge Loan Program
4/16/2020 19
State Government COVID 19 Business Recovery Program Highlights
MONTROSE GROUP COVID 19 ECONOMIC RECOVERY STRATEGY
0 100,000,000,000 200,000,000,000 300,000,000,000 400,000,000,000 500,000,000,000 600,000,000,000
Unemployment Benefits
Taxpayer Checks
SBA
Fed Large Company Loans
Local & State Government
Health Care
Social Safety Net
Disaster Assistance
Education
Transportation Providers
Tax Reductions
Business Tax Cuts
Other Spending
Business Development Project Funding: Federal Stimulus
4/16/2020 20Source: Investment Strategy Group, Committee for a Responsible Federal Budget
MONTROSE GROUP COVID 19 ECONOMIC RECOVERY STRATEGY
$0.00
$50,000,000,000.00
$100,000,000,000.00
$150,000,000,000.00
$200,000,000,000.00
$250,000,000,000.00
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Con
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Illin
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Mex
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State COVID 19 Stimulus Funding v. State Operating Budget
COVID 19 Federal Stimulus Funding Allocation State Operating Budget
4/16/2020 21
SMALL BUSINESS ADMINISTRATION (SBA)
4/16/2020 22
SBA Economic Injury Disaster Loans (EIDL)
• Covid19relief.sba.gov• Up to $2M loan or working capital• $10,000 grant within 3 days of applying• Pay for operational costs like payroll, rent, utilities, debt payments• EIDL Eligibility
• In business since 1/31/2020• 500 or fewer employees• Sole proprietorships with or without employees• Independent contractors• Cooperatives and employee owned businesses• Tribal small businesses
SMALL BUSINESS ADMINISTRATION (SBA)
• Apply through local SBA lender (e.g. bank)• Loans of 2.5x Average Monthly Payroll – Max $10 M• 1.0% interest• Loan payments deferred for 6 months• 100% loan guarantee• Funds spent on payroll, interest, rent, & utilities are forgiven• Interim Final Rule sent late April 2, 2020
SBA Paycheck Protection Program (PPP)
4/16/2020 23
SMALL BUSINESS ADMINISTRATION (SBA)
SBA Debt Relief• SBA to make 6 months of loan payments on behalf of
borrowers with existing
• 7(a) loans (including Community Advantage)
• 504 loans
• Microloans
4/16/2020 24
FEDERAL RESERVE
Primary Market Corporate Credit Facility (PMCCF) Direct Lending Funding
• Allows the Fed to lend directly to corporations by buying new bond issuances and providing loans
• $500B • PMCCF Direct Lending
• $25B for passenger air carriers• $4B for cargo air carriers• $17B for businesses important to maintaining national security.
• $304B to other businesses• $150B to local and state governments through block grants
4/16/2020 25
FEDERAL RESERVE
• Nonprofit organizations and businesses o Between 500 and 10,000 employeeso Loan must retain at least 90% of the recipient’s workforce through
September 30, 2020o Will not outsource or offshore jobs for the term of the loan plus 2 yearso Cannot increase the compensation of any officer or employee whose
total compensation exceeds $425,000, o Prohibited from having officers or employees making over $3M last year
plus fifty percent of the amount their compensation last year exceeded $3M
PMCCF Direct Lending Targets
4/16/2020 26
US ECONOMIC DEVELOPMENT ADMINISTRATION (EDA)
Economic Adjustment Assistance (EAA) Program
• $1.5B in supplemental funding for the Economic Adjustment Assistance program
• Funds technical, planning, and public works and infrastructure assistance
• Regions experiencing adverse economic changes that occur suddenly or over time
4/16/2020 27
US ECONOMIC DEVELOPMENT ADMINISTRATION (EDA)
EAA Strategy Grants
• Development, updating or refinement of a Comprehensive Economic Development Strategy (CEDS)
• CEDS is a prerequisite for qualifying for EDA funds for projects
• COVID 19 may require a CEDS update• COVID 19 may permit a CEDS creation to craft a disaster
recovery strategy
4/16/2020 28
US ECONOMIC DEVELOPMENT ADMINISTRATION (EDA)
EAA Implementation Grants
• Execution of CEDS strategyo Infrastructure
improvementso Site acquisitiono Site preparationo Constructiono Rehabilitation o Equipping of facilities
EAA Implementation Grants
• Market and environmental studies
• Planning or construction grants
• Seed or replenish revolving loan funds
4/16/2020 29
US ECONOMIC DEVELOPMENT ADMINISTRATION (EDA)
Greater Portland, Inc. CEDS
• Greater Portland Economic Development District (GPEDD) serving Clackamas, Multnomah, and Washing counties (Oregon) and Clark County (Washington)
• GPEDD primarily funded through EDA grant monies
• CEDS in place to promote efforts to maintain a robust economy in bi-state region
• Areas of Strength – workforce, quality of life, FDI, innovation
• Areas of Improvement – site development, infrastructure development, incentives/policy
• CEDS revisited every 5 years to maintain eligibility for EDA Public Works and EAA project funding opportunities
Port of Newport Public Works
• $1.195M grant funding matched by $1.195M in local funds
• Construction of new fixed pier, gangway and gangway float
• Port of Newport is home to largest commercial fishing fleet & only floating dock access with 80 vessel moorings and floating fuel facility
• CapEx to maintain services of existing fleet, expand local business operations and creates employment opportunities
• Est. $3.95M in future private investment, creation of 17 jobs and retention of 55 jobs
4/16/2020 30
US ECONOMIC DEVELOPMENT ADMINISTRATION (EDA)
EAA Case Study
• Midwest Industrial Park Developmento $2.7M EAA grant as part of $3.4M
project; $1.7M funded by communityo Construction of new roads, storm
sewer, water, sewer, lighting conduito Enhances transportation logistics o $900M private CapEx, 22 new jobs
supported EAA request
EAA Case Study
• Revolving Loan Fundo Identification of business access to
capital gapo Corporate organization of revolving
loan fundo Revolving Loan Fund Board of
Directorso Revolving Loan Fund seed capital and
EDA matcho Revolving Loan Fund loan terms and
agreementso Revolving Loan Fund marketing
4/16/2020 31
COMMUNITY DEVELOPMENT BLOCK GRANT (CDBG)
Federal Stimulus & CDBG
• $5B in COVID 19 federal stimulus fundingo$2B distributed by 2020 allocation to large cities and
stateso$1B distributed to states in 45 days to combat COVID
19o$2B distributed to states for longer term economic and
housing disruptions
4/16/2020 32
COMMUNITY DEVELOPMENT BLOCK GRANT (CDBG)
CDBG Funds
• Infrastructure• Economic development projects• Public facilities installations• Community centers• Housing rehabilitation• Public services• Microenterprise assistance
CDBG Funds
• Typically funds up to 50% of total project costs, not to exceed $500,000
• Up to $10,000 can be granted or $25k-$35k loaned for every full-time equivalent job created or retained as a result of the project
• Public infrastructure projects (e.g., water, sewer, roads) are eligible for up to 50% CDBG grant funding, not to exceed $500,000, towards project
• Private, for-profit projects can qualify for up to 50% CDBG low-interest loans, not to exceed $500,000 towards project
4/16/2020 33
COMMUNITY DEVELOPMENT BLOCK GRANT (CDBG)
CDBG Key Criteria
•Employing at least 51% low- to moderate-income persons•Eliminating slum and blight•Meet an “urgent” need
4/16/2020 34
COMMUNITY DEVELOPMENT BLOCK GRANT (CDBG)
4/16/2020 35
Oregon CDBG Program Eligible Groups
• Non-urban cities and counties • Oregon tribes, urban cities
• Albany, Ashland, Beaverton, Bend, Corvallis, Eugene, Grants Pass, Gresham, Hillsboro, Medford, Portland, Redmond, Salem, and Springfield
• Oregon urban counties• Clackamas, Multnomah, Washington
Oregon CDBG Maximum Grants
• Microenterprise: $100,000• Public Works
• Water and Wastewater Improvements: $2,500,000
• Community/Public Facilities: $1,500,000• Community Capacity/Technical
Assistance: no specific per-award-limit but limited overall funds
• Regional Housing Rehabilitation: $400,000
• Emergency Projects $500,000
COMMUNITY DEVELOPMENT BLOCK GRANT (CDBG)
4/16/2020 36
City of Albany CDBG Highlights
• Increase Economic Opportunity Priority• Microenterprise and small business
assistance to 40 low-income residents• Small grants awarded to offset startup costs
and add jobs• 25 new LMI jobs added• Public service funds for job skills training to
young adults in partnership with YouthBuild• Economic Opportunities for Homeless
• Coordinator for life skills/job skills coaching, resume building, work experience, employment opportunities
Business Oregon CDBG Highlights
• CCD Business Development Corp. sponsored microenterprise program in three counties (Coos, Curry, Douglas) - $100,000 award• No cost one-on-one counseling and
educational opportunities to LMI entrepreneurs living in designated areas
• Social media, fundamental skills development, business planning and follow up support
• City of Madras Water System “Right Sizing” -$471,735 award• Enhanced water transmission and decreased
% of water loss
COMMUNITY DEVELOPMENT BLOCK GRANT (CDBG)
• Buildings and improvements• Public facilities, for testing, diagnosis or treatment demands• Rehabilitating a commercial building or closed school building to be converted into
infectious disease facilities• Special Economic Development Assistance• Grants or loans to support new businesses and business expansion that creates jobs
and manufactures medical supplies necessary to the infectious disease response• To avoid job loss caused by business closures related to social distancing by providing
short-term working capital assistance that retains jobs held by low- and moderate-income persons
• Microenterprise assistance for technical assistance, grants, loans and other financial assistance to establish, stabilize, and expand microenterprises that provide medical, food deliver, cleaning, and other services to support home health quarantine
CDBG COVID 19 Recovery Services
4/16/2020 37
COMMUNITY DEVELOPMENT BLOCK GRANT (CDBG)
CDBG Case Study
• Local CDBG Revolving Loan Fundo Identification of business access to capital “gap” & CDBG loan
needo State grants money to community to issue loan = seed capitaloCorporate organization of revolving loan fundo Revolving Loan Fund Board of Directorso Revolving Loan Fund loan terms and agreementso Revolving Loan Fund marketing
4/16/2020 38
USDA RURAL DEVELOPMENT
Federal Stimulus & USDA Rural Development
• $48.9 B to USDA – Close the “digital divide” in America’s rural communities• $145 M USDA’s Rural Development programs • $20.5 M for the Rural Business-Cooperative Service,
adding $1 B in lending authority• $100 M in grants for Rural Broadband Service• $25 M for Distance Learning and Telemedicine Programs
4/16/2020 39
USDA RURAL DEVELOPMENT Rural Development Broadband ReConnect Loan and Grant Program
• Loans and grants • Construction, improvement, or acquisition of facilities and equipment needed to
provide broadband service in eligible rural areas that do not have access to at least 10 Mbps downstream and 1 Mbps upstream
• 100% Grant – up to $25,000,000 max grant request• 50% Loan / 50% Grant – up to $25,000,000 loan and $25,000,000 grant request
and loan/grant requests will always be equal• 100% Loan – up to $50,000,000 max loan request• Eligible Applicants• Cooperatives, non-profits, or mutual associations, for-profit corporations, state or
local governments, territory or an Indian tribe
4/16/2020 40
USDA RURAL DEVELOPMENT
USDA DLT Case Studies• Owensboro Health Inc. received $460,820 grant to
install telemedicine equipment at 10 sites in Kentucky and Indiana. The equipment expands health care resources to ~35,000 residents, including ~2,000 patients.
• Lisbon (OH) Exempted Village School District received $323,478 to create distance learning network at 8 sites in Columbiana County. District is offering classes and behavioral health services to 850 students.
USDA Distance Learning and Telemedicine Program
• Education or health care through telecommunications
• State and local government entities, federally-recognized Tribes, non-profits, for-profit businesses, and consortias are eligible
DLT 100% Grants• 15% match from the applicant• Award range: $50,000 - $1,000,000• Eligible uses: acquisition of eligible capital assets
(broadband transmission facilities; audio, video and interactive video equipment; terminal and data equipment; computer hardware, network components and software; inside wiring and similar infrastructure that further DLT services); acquisition of instructional programming for eligible equipment; acquisition of technical assistance and instruction for using eligible equipment
USDA Rural Broadband Case Study•Logan Telephone Cooperative Inc. received a $34.4 M USDA Telecommunications Program loan to upgrade a FTTH system in Butler, Logan and Muhlenberg counties in southwestern Kentucky•Morton County, N.D., USDA is partnering with BEK Communications Cooperative to provide an $844,000 Community Connect Program grant for a 49-mile Fiber-to-the-Home network will bring high-speed broadband to 125 underserved households•SW Virginia, iGo Technology Inc. received a $3 M Community Connect grant to bring enhanced broadband opportunities to 820 homes and businesses giving the Bee Community Center, in the town of Bee in Dickenson County, free broadband for two years
4/16/2020 41
MONTROSE GROUP COVID 19 ECONOMIC RECOVERY STRATEGY
Conclusions Thoughts
Questions
Contact• [email protected]• [email protected]• [email protected]• [email protected]
4/16/2020 42