Washington, Jun 25, 2003 - Congressman Pearce today announced the City of Carlsbad has been awarded a $2,015,000 loan guarantee under Housing and Urban Development’s Section 108 to provide funding assistance for the construction of the Carlsbad Water Park.

The project will be the anchor and first development of the Cascades at Carlsbad, an educational/scientific, commercial and entertainment destination.

Pearce said he is pleased to see these funds go toward economic development in Eddy County, adding that the construction of this new facility will create at least 80 new jobs for the Carlsbad area.

“Community revitalization is a critical part of ensuring growth and job opportunity,” Pearce said. “I am committed to helping facilitate economic development in Southern New Mexico and these funds will help meet Carlsbad’s needs by expanding economic opportunities.”

The City of Carlsbad intends to lend the finds to S.D. & US, Inc., a for-profit New Mexico corporation. The City was awarded a Brownsfield Economic Development Initiative (BEDI) in the amount of $775,000 in 2002, which will be used with the Section 108 Loan funds to finance infrastructure and construction costs for the project.

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