The Brazos Valley economic development corporation (BVEDC) announced this month at the private sector is their largest funding partner.
Invest Brazos Valley, a group of private investors, surpassed $350,000 dollars in committed annual funding.
BVEDC officials say this a major milestone in the region’s economic development efforts.
Brazos County, the Cities of College Station and Bryan, and Texas A&M University each fund the BVEDC at $350,000 annually.
Story from the Brazos Valley economic development corporation:
Collectively, the private sector is now the largest funding partner of the Brazos Valley Economic Development Corporation.
Invest Brazos Valley (IBV), the private investment group supporting the work of the BVEDC, surpassed $350,000 in annual contributions on October 26 with the commitment of real estate investment company Caliber to join its membership.
The organization’s Category I funding partners are Brazos County, the City of College Station, the City of Bryan and Texas A&M University. Each funds the BVEDC at $350,000 annually.
“Our staff has worked diligently to approach companies about joining the team effort of economic development, and so many have answered the call,” said BVEDC President/CEO Matt Prochaska. “Leaders of companies looking to launch, grow and locate operations want to be in a place where they see unity, partnership, energy and potential. Invest Brazos Valley is a prime demonstration of these key elements. We cannot thank our IBV members enough for their commitment and support in the past, present and future.”
Over the past several months, BVEDC and IBV leadership have been working in preparation for this landmark in the economic development organization’s history. Reviews and revisions to strengthen the BVEDC’s bylaws have been discussed in order to allow the Brazos Valley business community its most effective representation in the organization.
“I am honored to serve as the Managing Director of Invest Brazos Valley and could not be more thrilled to see the commitment and trust the business community has bestowed on the Brazos Valley Economic Development Corporation,” said Amos McDonald. “Today is a great day for the community and another example of the great work the entire BVEDC team does to help businesses Launch, Grow and Locate in the Brazos Valley.”
In reaching $350,000 in annual contributions, IBV gains a third seat on the BVEDC’s Board of Directors like each of the Category I partners. The new seat will first be held by McDonald and will formalize IBV’s managing director holding a Board seat.
Companies join IBV at one of two levels: Leadership Council at $5,000 annually, and Visionary at $2,500 annually. Companies in both levels partner in the economic development work for the community and benefit from regular networking opportunities, extensive data and information, and access to the higher reaches of the local business ecosystem. More extensive benefits are available for Leadership Council members.
At the end of Fiscal Year 2017, Invest Brazos Valley had just crossed the $100,000 mark in cash and in-kind contributions. As a new BVEDC staff team was assembled over the following months, IBV reaching the $350,000 mark like the Category I partners was actively discussed by Board leadership and private sector partners. The creation of a five-year economic development strategy also included the goal of drastically increasing private sector engagement in the community’s economic development work. Since that time, the BVEDC has prioritized expanding its involvement and partnership with local companies through additional benefit offerings for IBV members and increased communications.
Brazos Valley businesses saw an opportunity to partner in economic development through the pandemic to achieve a stronger community to work through and beyond the health and economic downturns. The calendar year 2020 concluded with 14 more IBV members than at the end of 2019, with more than $250,000 per year committed to the BVEDC.
So far in the 2021 calendar year, 30 new companies have committed to join IBV, far exceeding the single-year record for new membership.