Lehigh Valley Economic Development Corp. to Remain at Current Office Location

Lehigh Valley Economic Development Corp remains at current location

7/21/10

The Lehigh Valley Economic Development Corporation (LVEDC) and Sperry Van Ness Imperial Realty/Liberty Square, Inc. have reached an agreement that will retain the 501(c)(3) organization's office location at its current address at 2158 Avenue C, Suite 200, Bethlehem.

The decision was reached through the following metrics: LVEDC posted an RFP in January 2010 and formed an Office Space Task Force to review the proposals. The task force consisted of seven skilled professionals - two Board members, a space planner, and staff. The RFP requested bids from only urban core locations within the downtowns of Allentown, Bethlehem or Easton. The top criteria LVEDC used in choosing the location was finding a cost-effective package. Other factors were location, parking accessibility and renovations and improvements to the interior and exterior of the building. The 20 locations were judged by a numbered rating system and 17 proposals were presented to the LVEDC Executive Committee and Board of Directors. Included within the 20 responses was an aggressive "package" from LVEDC's current landlord. The very best financial, rent and renovation deal came from the current landlord.

After four months of exhaustive analysis, the LVEDC Executive Committee voted to remain at the current location. The aggressive and cost-saving financial package submitted by Liberty Square, Inc., the LVEDC landlord, was the critical reason for remaining at the current site.  Liberty Square is extremely committed and supportive of the mission of LVEDC and therefore responded accordingly with an attractive package that would help the organization and also retain and strengthen our relationship. The package they submitted reduces LVEDC's rental costs, and includes upgrades and renovations which are critically important for a modern, corporate and professional economic development organization. Remaining in a central regional location played a role also though not as significant as the cost-savings and upgrades.

LVEDC has 17 full-time employees and two part-time consultants. The 10-year agreement commences January 2011. The RFP process was initiated because the current lease with Liberty Square expires December 2010. LVEDC President and CEO Philip Mitman said the organization is pleased with the selection.

"This decision was about LVEDC making a prudent and cost-saving investment and our due diligence made the answer obvious," he noted. "The deal shows we are fiscally conservative, focused on our Strategic Plan for the Lehigh Valley and we are wise stewards of our public and private sector's financial resources."

Mitman said LVEDC's office location does not impede the organization's ability to promote urban redevelopment.

"LVEDC is in the results business, not the real estate business," Mitman said. "Revitalizing the urban cores is at the heart of Priority B, Advancing Sustainable Development Themes, in the LVEDC Five-Year Strategic Plan and we are pleased with our accomplishments and expect more."

Examples:  (1)  Lehigh Valley Land Recycling Initiative (LVLRI) - For ten (10) years, LVLRI with LVEDC collaboration has received several million dollars from federal and state grants to clean-up and help to revitalize old urban industrial sites, most located in our cities and boroughs.

(2)  LVEDC takes the Lehigh Valley's Priority Project list that is developed annually with our partners in the two counties and three cities to the Governor's office and our regional legislators to procure funding for key regional economic development, job-creating/expansion projects.  $92,000,000 has been achieved since 2003, a significant portion going to urban projects.

(3)  The Southside Bethlehem Keystone Innovation Zone (KIZ) has helped to created 26 active entrepreneurial and innovative companies and 150 new jobs in a five-year period directly in the downtown of Bethlehem.  LVEDC's Steve Melnick is the KIZ Director. 

(4)  LVEDC grants $30,000 annually through the Hotel Tax directly to the marketing programs of the three Lehigh Valley cities.

For more information, please contact Phil Mitman at (c) 484-241-7314.