Copyright © 2010 Bay County Growth Alliance, www.thebcga.com Financing The Future  1972: Chartered in April, Forward Bay County, Inc. was one of the first county-wide economic development organizations in Michigan.  1978: Received a $1,643,000 Federal grant for infrastructure projects.  1981: Purchased property in Monitor Township and completed Valley Center Industrial Park in 1984.  1986: Name changed to Bay County Growth Alliance, Inc. (BCGA).  1990: Sold the entire Valley Center site to the newly chartered Monitor Township Downtown Development Authority (DDA) in order to refinance $600,000 of land indebtedness. The Development Agreement with the DDA also called for BCGA to assist in developing the site and when complete the DDA would repay BCGA for its initial investment of $1,600,000 plus interest of $900,000.  1994: A disagreement between the Chamber of Commerce and the County over control of the BCGA Board led the Chamber to organize the Bay Economic Development Corporation (BEDC). This terminated the BCGA’s funding and role as a successful county-wide public private partnership for economic development. Apparently the business community and public sector saw little value or potential in the Valley Center site because it was mostly farmland at the time.  1994 – 1998: Despite barely surviving with the help of initially free office space from the City of Bay City, the BCGA proceeded to obtain state and federal grants of approximately $2,000,000 on behalf of the DDA to complete all infrastructure for Valley Center Technology Park, Phase I and Phase II by 1998. Arguably, Valley Center has become the most important industrial development project in the history of Bay County  1998 – 2004: BCGA handled all aspects of park management under a contracted services agreement with the Monitor DDA. This included administration, marketing, accounting, and park improvements such as landscaping, signage, and roadway lighting.  2005 to present: BCGA now operates as a non-profit lending agency using funds from business park development to provide financing for area businesses and non- profit organizations.  Since 1994 BCGA has operated with internally generated funds from contracted services and interest and fees on loans and investments. Net assets have grown from $400,000 to over $3,000,000. We may have achieved one of the most favorable cost-benefit ratios among economic development organizations. Highlights of the 37-year history of the Bay County Growth Alliance, Inc.