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The Hempstead County Economic Development Corporation recently contributed $100,000 to the city of Hope to help with the city's rail spur renovation.
The donation will create six jobs and retain 300 jobs, according to Steve Harris, EDC president.
The EDC had promised to contribute the funds to make repairs to the railroad near the industrial site at the airport north of the city limits, and will be used to improve the infrastructure and retain industry near Interstate 30.
The rail spur is vital to three industries—Hexion Inc., Georgia Pacific and New Millennium— using the railroad to move their product, Harris said.
The project will improve the drainage and reduce the risks of derailment. The work will also take out a curve in the railroad, Harris said.
The renovation will also help with the long-term industrial projects.
The total private investment is $5.6 million.
"The repairs will enhance the area to attract industry," Harris said. "We had a reserve pool of funds and thought it was a good use."
This article first appeared on www.texarkanagazette.com
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