The University of Mary Washington today announced the creation of the University Center for Economic Development and its intent to award a contract to the Fredericksburg Regional Alliance to support the university’s regional economic development efforts. “These actions will position the university to assist the entire region with economic development efforts,” said UMW President Rick Hurley.
“This region of Virginia is ripe with opportunity to further develop economically, and I would like to see UMW become a key player in that effort,” Hurley said. “UMW has a rich, intellectual capital resource pool that can be tapped by regional businesses that need assistance to improve, and I believe the existence of our Center also will be an attraction to businesses considering the possibility of locating in this region. We can provide services to the business community and by doing so help promote the region and its attractiveness. We believe that a contractual partnership with the Fredericksburg Regional Alliance will serve the best interests of the public and private sectors as well as the interests of the university,” he said.
The university issued a request for proposals March 2, 2011, to identify a partner in the field of economic development and research. UMW sought a vendor with experience in economic development principles, in working with governmental organizations, and in gathering local business intelligence. The successful bidder was asked to demonstrate governmental experience at the local, state, and federal levels as well as international experience in order to partner with UMW to establish the University Center for Economic Development.
The Fredericksburg Regional Alliance responded to the university’s request. A UMW selection committee evaluated the FRA proposal, making the recommendation for selection on June 10.
The Fredericksburg Regional Alliance is a public/private economic development marketing partnership created to provide CEOs, presidents, corporate real estate executives, and site selection consultants with a single source for comprehensive demographic, economic, and commercial real estate information on the Fredericksburg, Virginia region — which includes the City of Fredericksburg and the counties of Caroline, King George, Spotsylvania, and Stafford.
“This is a win-win for the region and the university,” said FRA President Gene Bailey. “UMW’s assets, including the Small Business Development Center and the university’s strong faculty expertise in economic analysis and consulting services, combined with the strong track record of the FRA, will make us a formidable economic development force within the region,” he said.
Bailey added that the existing mission of the FRA to facilitate the creation of jobs and capital investment while diversifying the economy and increasing the tax base will not be diminished. “By leveraging the assets of the university, FRA will be able to offer additional services that will benefit both the public and private sectors and provide a greater return to the investors and the community,” Bailey said.
The university is awarding the contract under terms that will increase partnership activities over the course of the next five years. The partnership activities are expected to begin during the fall semester.
UMW’s Vice-president for Economic Development and Regional Engagement, Meta Braymer, will lead the new unit. The new center will be located in Eagle Village, and will include the UMW Small Business Development Center. Its primary role will be to assist the regional jurisdictions in their efforts to promote the economic development of the region by functioning as a central point of contact to tap the intellectual capital of UMW faculty and students, particularly in the College of Business and the economics department while capitalizing on the previous development activities that have been created by the Fredericksburg Regional Alliance.
We are very pleased to support the public sector’s economic development efforts through the formation of this center. Increased capital investment and job growth in this area will serve to both provide greater opportunities for the university and support the retention and expansion of existing business as well as the creation of new business for the area,” Hurley said. “I’m looking forward to working with Gene and meeting with local government representatives to share ideas on how UMW can best support their efforts for the benefit of all.”