The New Mexico State University Arrowhead Business and Research Park received a $900,000 grant on Monday from the U.S. Economic Development Administration for infrastructure improvements.
The money will be used to extend Payne Street through the park to Sam Steel Way, helping attract other investments that the university expects will eventually create more than 5,000 jobs.
"This road will create a new, southern entrance for the university. It will help alleviate traffic congestion and is vital for encouraging further development of the Arrowhead Business and Research Park," said Garrey Carruthers, NMSU business dean and vice president of economic development.
Matthew Crow, U.S. Economic Development Administration deputy assistant secretary for external affairs and communications, presented the check to the NMSU Arrowhead Center, which oversees development of the park.
"Communities that work together to create dynamic regional economies that foster innovation and competitiveness are the key to America's continued success as the leader of the 21st century global economy," Crow said. "This EDA investment will improve the Arrowhead Business and Research Park, which will be a major generator of higher-skill, higher-wage jobs in the region."
Once complete, the new Payne Street extension will better link the park to the rest of the campus with two lanes for traffic, a bike path and utilities. The Payne Street extension should take between 12 and 18 months to complete. The road will be built so that it can easily expand to four lanes in the future.
The Payne Street extension represents nearly $2 million in investment with money coming from the state of New Mexico, local road funds, the New Mexico Department of Transportation, NMSU funds and the EDA grant.
Crow praised the leadership shown on the part of the university, the state government and the public and private partners, who each have a stake in the business and research park. He said leadership is often lacking in the requests his office sees and is often the most crucial element in the success of a project.
Arrowhead Development, LLC is currently developing the first 11 acres of the 257-acre business and research park. The first building, now under construction, is approximately 15,000 square feet and represents a private-sector investment of approximately $3 million. It is expected to be complete in February 2009. Once that building is 60 percent occupied, work will begin on the next.
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