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New U.P. economic development entity right idea at right time

Although it doesn’t yet have an official name, and all of the details including base of operations haven’t been completely worked out, a brand new economic development organization appears off to a good start.

Rolled out Friday in a joint Gov. Rick Snyder-Lt. Gov. Brian Calley press conference in Marquette’s Staybridge Suites, the organization will encompass the Upper Peninsula. In a Mining Journal story on the matter, Snyder noted, “This is a big positive step for the Upper Peninsula. The concept of having a regional organization, primarily led by the private sector, focusing on economic development is something that will pay huge dividends and benefits over decades to come.”

Added Calley, “A win in one region is a win in another part of the U.P. for so many different reasons.”

The financial basis for the organization, $500,000, comes from donations from JM Longyear, mBank, Northern Michigan University, the Marquette Innovate SmartZone, the Veridea Group and Champion Inc. The initiative also has the support from the Michigan Economic Development Corporation.

Veridea Group President Bob Mahaney, a founding member of the organization, said key challenges including the outward migration of talented young people from the U.P., aren’t necessarily addressed by the 25 or so economic development organizations currently in the U.P. Neither is an aging and decreasing labor force and general population and talent recruitment.

The new EDO will take a “holistic approach” to work in the best interests of the entire U.P. and would set aside parochial interests, he said. It will also work closely with the MEDC and create mutually beneficial relationships with local EDOs with success measured by job, income and population growth.

An official name will be selected by this summer. So will the location for a central office. Those are the easy parts. Harder, going forward, will be to convince business and government leaders the organization is worthy of support.

Successful economic development, officials observed Friday, might take 10-15 years.

This is a good idea coming at the right time. We hope it ultimately works to the benefit of the entire U.P.

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