Fry to EDC: The college as 'economic engine'
Intelligencer Journal/Lancaster New Era, January 15, 2011
by Tim Mekeel, Business Editor
Colleges and universities aren't just places for learning.
They're "one of the most important economic engines," former Franklin & Marshall College president John Fry said here Friday. Speaking at the 20th annual meeting of the Economic Development Co. and EDC Finance Corp., Fry described the "raw power of universities as purchasers, builders and employers."
Fry, who left F&M last June after eight years to become president of Drexel University, said colleges and universities "have the opportunity and responsibility" to be economic catalysts.
"We can unlock the great potential" of local economies, he said, by working with the public and private sectors. As an example, Fry cited the 47-acre Northwest Gateway project in Lancaster City.
The venture is a joint undertaking of the EDC, EDC Finance, F&M, Armstrong World Industries and Lancaster General Health.
The $28 million project, supported by state funding, cleared and remediated the former Armstrong commercial flooring plant site.
It then readied the Liberty Street tract for new facilities for the college and the health system.
But even without being a developer, colleges and universities have a broad economic impact, Fry said.
Fry told about 325 people in the Doubletree Resort at Willow Valley that colleges and universities not only prepare students to be contributors to society, but they're major employers, leading research centers and significant buyers of goods and services.
In addition, he said, they can provide badly needed community services.
Fry illustrated the point by citing a neighborhood health clinic run by Drexel that gets tens of thousands of patient visits annually.
Colleges and universities, with their skills and resources, are in position to address such dire community needs as inadequate health care, he said.
"If we don't take up this charge, who's going to?" Fry asked.
The "problem-solving potential" of colleges and universities is immense, he said. They're able to stabilize neighborhoods and improve the residents' quality of life.
"Even a small institution," he said, "can move mountains."
Also at today's breakfast meeting, EDC and EDC Finance officials recapped their 2010 projects and discussed their new strategic plan.
Last year they obtained $27.3 million in public financing to help fund $55.9 million in commercial, industrial, agricultural and tourism projects.
These created 124 jobs and retained 322 jobs.
Their joint strategic plan calls for marketing the county "consistently and purposefully" to retain and attract businesses, being intentional about where development should occur, pursuing adaptive re-use when possible.
Also, it calls for broadening and strengthening partnerships, plus continuing its entrepreneurial approach to expanding its services.
The EDC, founded in 1960, promotes business development and expansion here. Its sister organization, EDC Finance, created in 1986, provides access to government financing programs.
tmekeel@lnpnews.com
Used with permission from the Intelligencer Journal/Lancaster New Era; January 15, 2011
Click here for the Joint EDC & EDC Finance Corporation Strategic Plan Summary |
