Economic Development Administration award to fund renovation of historic site, stimulate entrepreneurship and boost tourism
Washington, D.C. - Today, U.S. Senator Bob Casey (D-PA) announced that the Economic Development Administration (EDA) is awarding Venango County Economic Development Authority $3.2 million from the American Rescue Plan to help fund the renovation of the historic Oil City National Bank. The site will be renovated to offer a co-working space, commercial tenant space and other services to support small businesses and stimulate entrepreneurship in the community. The funding will also help rehabilitate the interior of the building to host a “brewstillery” that will bring tourism to the area.
Senator Casey announced $400,000 for the renovation in community project funding through Fiscal Year 2022 Appropriations bills. Senator Casey advocated for this funding and visited Oil City earlier this year.
“This funding for the historic Oil City National Bank building is an investment in the people of Oil City and Venango County and the tourism industry of the region. I was proud to advocate for the Venango County Economic Development Authority to receive this $3.2 million grant, as well as $400,000 in community project funding earlier this year, to help the people of Oil City and Venango County build the future they’ve been working toward,” said Senator Casey.
The historic Oil City National Bank is a formerly blighted building constructed in 1926 in the Northside Business District. The $3.2 million comes from the American Rescue Plan’s Travel, Tourism and Outdoor Recreation program, designed to accelerate the recovery of communities that rely on the travel, tourism and outdoor recreation sectors. The EDA grant will be matched with $796,785 in local funds and is expected to create more than 20 jobs.