Cooperative Energy, together with the 11 member electric distribution cooperatives it serves, unveiled the SiteInvest by Cooperative Energy program at the inaugural Cooperative Energy Economic Development Summit hosted in Jackson.
Surrounded by economic development professionals from across the state, Cooperative Energy Director of Economic Development Mitch Stringer announced the culmination of a year-long development process to create the SiteInvest program. “For months, we’ve spent countless hours working with the experts at Burns & McDonnell to create a rigorous, yet flexible, site investment program,” said Stringer. “We recognized a need for creating an all-encompassing industrial property investment program, and we wanted to get it right.”
SiteInvest is designed to help improve readiness and enhance the development of industrial properties in Cooperative Energy’s members’ territories. The program is a strategic initiative of the economic development team to better align Cooperative Competes grant funds with site development efforts. Both currently marketed industrial properties and newly identified industrial properties are invited to participate in the program.
SiteInvest is designed upon a three-tier system with an initial application stage, followed by a formal Request for Information, and analysis by third-party engineering experts to benchmark the site readiness and marketability of industrial sites. Properties within the program are then assigned a Tier and provided action items to advance throughout the tiers and further the development and readiness of the property.
The amount of available Cooperative Competes grant funds increases as industrial properties advance through the tiers of the program.
“Our program is intentionally not a certification program, but rather an all-encompassing initiative that aligns readiness with tangible investments by local communities and Cooperative Energy through our Cooperative Competes grants,” said Stringer.
Since 2018, the Cooperative Competes grant fund has awarded over $1.4 million in site development improvement funds. These dollars, combined with over $9 million of local funds and $26.4 million state funds, have improved industrial properties across Cooperative Energy’s members’ territories. The SiteInvest Program aims to enhance these investments.
For more information about SiteInvest or the economic development efforts of Cooperative Energy, visit www.cooperativeenergy.com/economic-development.
