Northwest Arkansas Community Foundation (NWACF), announced today that it has made a $150,000 grant to the Northwest Arkansas Council (Council) to conduct a regional economic development study. The grant will be matched with an additional $150,000 provided by the Council.

Gene Groseclos, chair of the Northwest Arkansas Community Foundation board of directors, announced the grant at a press conference in Springdale that was attended by members of the Council, representatives from the Northwest Arkansas Chambers of Commerce, and board members from NWACF. Groseclos described the project as a way to "create a strategic plan to address the opportunities and concerns resulting from our dynamic regional growth." He added that the project "meets the interests of NWACF which include economic development and an inclusive approach to quality of life issues."

In accepting the grant, Charles Scharlau, chairman of the Council's Executive Committee, described northwest Arkansas as one of the fastest growing areas in the United States and one of the top-100 areas in the country to do business. He added that the Council expects to complete the project in six months and then have in place "a pragmatic vision of where we want to be in tomorrow's evolving economy, with a definitive road map that tells us how to get there while maintaining the quality of life that we enjoy."

To accomplish the plan, the Council has contracted with Hillwood Strategic Services of Fort Worth, Texas to develop a comprehensive regional economic development analysis and construct an action plan for implementation in northwest Arkansas. Hillwood Strategic Services was selected for the project after the Economic Development Committee of the Council screened 140 firms in a national search. The Hillwood Team includes WEFA, Inc. (formerly the Wharton Econometric Forecasting Associates) of Philadelphia, HNTB, a nationally recognized engineering firm of Dallas, and Tom Ticknor Associates of Chicago.

The economic development study will have three phases:

1. Analysis of regional and local economies to determine strengths, weaknesses and competitiveness for future economic development of both existing and new businesses and industries in a new and changing technological environment.
2. Assessment of physical constraints, including road, water and sewer services, and quality of life issues such as educational opportunities, and recreational amenities needed to attract and retain people who will excel in our evolving economy.
3. Formulation of an action plan to develop the region's economic infrastructure and address other needs to enable the expansion of existing business and industry, the encouragement of start-up businesses, and the attraction of new industries to the region.

The Council's Economic Development Committee will oversee the preparation and implementation of the plan. The Committee will also coordinate the interaction of Hillwood Strategic Services with the governmental, educational and business leadership of northwest Arkansas.

Northwest Arkansas Community Foundation will serve as the fiscal agent for the project, providing administrative oversight. Groseclos indicated that the Foundation normally contributes to public nonprofit organizations, but can provide grants to private nonprofits when the funds will be used for charitable purposes. "In this case, we feel that the results of the study will serve as a resource and act as an enabling mechanism to improve the quality of life for all of us who live in this area" commented Groseclos. He added that "the Foundation is very pleased to be working in partnership with the Council on this critical project. Our role in this partnership is to provide fiscal oversight and grant administration. "

Northwest Arkansas Community Foundation was founded in 1999, as a publicly supported grant-making charity, structured as a group of endowed funds, and to serve as the lead public foundation operated in connection with CommunityCare Foundation, Inc. Most grants are made to public charities in a defined geographic area, in this case Northwest Arkansas.

Northwest Arkansas Council was organized in 1990 as a private, nonprofit regional development organization to promote the growth, vitality and development of Northwest Arkansas by applying the knowledge, creativity and leadership of its members to develop regional solutions that address the challenges and opportunities facing the region. From its beginning as an advocate for planning solutions that address these challenges and opportunities, the Council has been an active catalyst in uniting communities and organizations to accomplish regional goals and objectives.