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BOISE -- Gov. C.L. Butch Otter signed a $3 million measure to help entice businesses to expand in Idaho, saying he hopes this new closing fund will give communities the leverage they need to stimulate economic growth.

Otter, who inked the measure on Wednesday, had lauded the so-called Opportunity Fund in his Jan. 7 State of the State speech as part of an economic development package.

Under the legislation, communities would be eligible for money to use on infrastructure projects, like new roads, that companies looking to relocate or expand in Idaho might require.

State grants would be accompanied by local matching money.

Department of Commerce Director Jeff Sayer said his department currently has a whole pipeline of as-yet undisclosed projects that could create 2,000 new jobs and $400 million in investments.

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