BETHLEHEM, PA, LEHIGH COUNTY - September 30 - Lehigh Valley Economic Development Corporation (LVEDC) is honored to announce that the International Economic Development Council (IEDC) has recognized LVEDC as one of just 24 economic development organizations in America to be an Accredited Economic Development Organization (AEDO). LVEDC is only the second AEDO in Pennsylvania: Berks Economic Partnership is the other accredited organization. The announcement was formally made and accepted at the Annual IEDC Conference in Columbus, Ohio on Tuesday, September 28.

This designation is a coveted endorsement among economic development organizations across the world and was awarded because of LVEDC's professionalism, accountability and commitment, according to IEDC President and CEO Jeffrey Finkle. The International Economic Development Council is the largest membership association in the world serving economic and community development professionals. With 4,600 members nationwide and abroad, IEDC offers the economic development profession one source for information and professional development, one voice for the profession and one force for advocacy.

"We are greatly appreciative of this recognition from IEDC, the leader in the international economic development world," LVEDC President and CEO Phil Mitman said. "LVEDC's mission is to lead the entire Lehigh Valley to prosperity through our regional approach to economic development and our public and private partnerships. IEDC saw that and the accreditation clearly indicates LVEDC's accountability to our public partners, our financial transparency and leadership capabilities."

Earning the AEDO accreditation tells the regional community, project leaders and prospects that LVEDC has attained a measure of excellence assuring that their trust is well-placed and their business is in good hands.

The AEDO program is a comprehensive peer review process that measures economic development organizations against commonly-held standards in the profession. The program consists of two phases: documentation review and an onsite visit. Each phase is designed to evaluate information about the structure, organization, funding, programs, and staff of the candidate economic development organization.

"LVEDC is proud of the work we do on behalf of Northampton and Lehigh counties to help retain, attract and create jobs in the region," said Mr. Mitman. "A collaborative regional approach is the best way to reach and assist site selectors and corporate leaders who are looking to expand in the Lehigh Valley. It also allows us to leverage our dollars to the fullest extent to bring companies and help those that are already here. The accreditation process thoroughly examined our leadership structure and acknowledged us for the strength of our Board of Directors, Executive Officers and hundreds of active volunteers who support our mission and work with us to achieve our strategic priorities."

An example of LVEDC's accountability and inclusion is evident in the members of the Executive Committee that includes the mayors of the Lehigh Valley's three cities - Allentown, Bethlehem and Easton - and the two county executives of Lehigh and Northampton counties as well as the president of Northampton County Council and Lehigh County Chairman of Commissioners.

"LVEDC communicates with city, county and state officials on a weekly and monthly basis," said Chairman of the Board James Bartholomew. "We are an open organization and proud of that. This accreditation recognizes our efforts to help to retain and create jobs, and also to collaborate with our many partners in the public and private sectors to reach a common goal - increased prosperity in the region."

A regional approach to economic development allows LVEDC to market the entire region to site selectors and companies across the country - who are increasingly favoring larger metro regions - to relocate here. In addition, Commonwealth of Pennsylvania, federal programs and grants increasingly select multi-county proposals as opposed to individual counties. (Currently the Lehigh Valley has about 640,000 people. Lehigh County comprising about 340,000 of that total and Northampton about 300,000.)

The AEDO recognition also validates LVEDC's results. At its crux, economic development is about creating jobs and wealth. During 2009, LVEDC's team for business attraction, retention and expansion helped to land 13 projects that were estimated to create 1,303 new positions and the retain another 120 despite a lagging economic environment. Also in 2009, LVEDC helped secure $21 million of financing for 26 companies.

LVEDC currently administers 15 loan programs that assist companies in Lehigh and Northampton counties. These loans play an absolutely crucial role in LVEDC's value to the entire region.

In addition to these traditional economic development activities, LVEDC operates a number of programs that help the region thrive including the Lehigh Valley Land Recycling Initiative (LVLRI). A joint program for Lehigh and Northampton Counties administered by LVEDC, LVLRI uniquely positions the region for smart growth, including the remediation of old industrial properties. Last year LVLRI provided funding for the assessment/cleanup of 19 sites in Lehigh and Northampton counties for a total of $3.2 million.

Through the Priority Projects process, LVEDC better positions the region to receive Pennsylvania state funding for key development projects that are identified by our three cities and two counties through the Department of Community and Economic Development's (DCED) Redevelopment Assistance Capital Program (RACP) and the United States Department of Commerce's Economic Development Administration. Since this annual process began, more than 100 economic development projects have been identified for RACP funding, and 35 of those projects were funded by DCED, allocating more than $92 million of public investment to the Lehigh Valley.

Developing programs and strategies to attract and keep entrepreneurs in the Lehigh Valley is one of LVEDC's priorities. The Southside Keystone Innovation Zone (KIZ) is a primary catalyst to implement that agenda.

The Office of Minority and Women-Owned Business (OMWOB) has continued to grow since its inception in 2008. Last year OMWOB's consulting helped to increase revenue for Lehigh Valley businesses by $8,065,600 and assisted in helping to create or retain 79 jobs.

LVEDC also administers the Foreign Trade Zone #272 for the Lehigh Valley and helped BMW North America receive approval for full-time status in the Zone resulting in more than 110 full-time jobs.

Maintenance of the AEDO status is required every three years and is accomplished through documentation submission and/or onsite visits by a team of the AEDO subcommittee.

For more information, please contact Phil Mitman 484.241.7314 or Margaret McConnell 610.266.7682.