October 2, 2019
Hannibal, MO. – Corey Mehaffy, Executive Director of the Hannibal Regional Economic Development Council (HREDC) announced today that HREDC has executed an economic development services agreement with the City of Palmyra. Mehaffy added, “On behalf of the HREDC Board of Directors and staff, I am excited to welcome Palmyra to the HREDC Regional partnership.”
Mehaffy indicated that HREDC representatives have been meeting with the Mayor as well as members of the Palmyra IDA to discuss the terms of a formal partnership. Mehaffy added, “The City and the IDA have made significant infrastructure investments over the last few years and have positioned the community very well for growth. Our board is looking forward to working with Palmyra to support business retention, new business attraction and entrepreneurial development in the community.”
According to Mehaffy, Palmyra has a number of assets that are attractive for those considering business investment. Mehaffy added, “The strength of a regional partnership comes from working together and pooling resources. Each of our counties and communities have assets that the others do not have. When working together as a region, these collective assets create a stronger business case for investment than each community or county would individually.”
The pooling of resources also eliminates the duplication of services. “By working together and pooling our resources as opposed to competing, we are creating efficiencies and leveraging our collective resources to create a more aggressive economic development effort”, Mehaffy added.
HREDC Board President Hal Benedict added, “We are very happy to formally welcome Palmyra to the HREDC partnership. We believe the existing businesses coupled with the Community’s infrastructure assets are a great fit for our partnership and we are excited about the new opportunities.”
HREDC Executive Director Corey Mehaffy indicated that work will begin immediately on inventorying sites, buildings and infrastructure. The potential development locations will be added to Location One and will immediately become a part of the HREDC marketing efforts. In addition, Mehaffy will begin meeting with employers in Palmyra to discuss programs that may be of assistance and to learn how HREDC can assist. Mehaffy indicated that discussions are ongoing regarding potential revitalization programs as well.
HREDC works to promote financial investment in Hannibal, and Marion and Ralls Counties. For more information on the organization, please visit their website at www.hredc.com.