Regional Economic Development Inc. proves value with thirty-five year history.
Even before the dust has settled on a lengthy celebration of Regional Economic Development Inc.’s (REDI) thirty-five year anniversary, the local nonprofit is trumpeting its success with another reaccreditation for its work.
REDI was first accredited by the International Economic Development Council (IEDC) in 1996 through the Accredited Economic Development Organization (AEDO) program.
“Earning the AEDO accreditation tells the community and prospects that REDI attained a measure of excellence assuring that their trust is well placed, and their business is in good hands,” REDI officials announced in a news release.
Accreditation is valuable because it is evidence that both public and private dollars invested in the nonprofit have generated successful programs and economic development. And it’s also valuable when it comes to REDI’s involvement in attracting new or expanding businesses to Columbia. In recent history, and perhaps more importantly, REDI has been involved in local efforts to retain and expand existing, local businesses.
The AEDO program is a peer review process that measures economic development organizations against commonly held standards in the profession. According to the IEDC, REDI is one of only 81 institutions that have received accreditation among more than 5,000 organizations worldwide. REDI is required to maintain its AEDO status every three years.
“REDI displays the professionalism, commitment, and technical expertise that is deserving of this honor,” IEDC President and CEO Nathan Ohle said in a news release.
REDI is a nonprofit public/private partnership that was founded in 1988. Its mission is to support local businesses, increase the number of jobs, and improve the quality of life in Columbia and Boone County.
The organization’s primary mission is simply put: Attract, expand, and grow businesses and job opportunities throughout the region. Executing that task, however, isn’t quite so simple, but the vision was laid out in 1988 when a handful of community leaders, along with city and county government and the University of Missouri, collaborated to get the nonprofit started. When REDI was incorporated on March 14, 1988, its founders were Columbia Mayor Mary Anne McCollum, City Manager Ray Beck, Boone County Commissioner David Horner, and business leaders Earnest Gaeth and Thomas Gray.
The concept of making it “regional” was an emphasis on the central Missouri area, not just Columbia and Boone County. McCollum recalled REDI’s beginnings in the organization’s 2023 annual report, noting that there wasn’t widespread support thirty-five years ago.
“They said, ‘Oh, it’ll never make it,’” she said. “Well, here we are are … Everyone was willing to take a chance on something that we had no idea about. And so, to me personally, it’s very gratifying to see that this organization not only continues to handle economic development, but it’s thriving.”
Beck, the former city manager, recently said that his idea to make REDI staff city employees helped sell the City Council on supporting the new entity. Beck reassigned some staff from the city manager’s office to REDI, telling council members that if REDI was a bust, the staff would simply return to his office.
“That’s what would have happened,” he said, “but I was sure that wouldn’t happen. And once the university got involved, REDI was even stronger. I don’t know if the community knows how big of an asset it is.”
McCollum said in the 2023 annual report that Columbia was “definitely way ahead of the curve” in regard to economic development.
“Others looked at Columbia as a model for what we were doing, which was very heartfelt,” she added. “And we were very fortunate to have hired the right people at the right time to make this work.”
Boone County Presiding Commissioner Kip Kendrick, who from 2015 to 2021 represented the 45th District in the Missouri General Assembly, has had a hands-on view of Columbia and Boone County economic development for nearly a decade. In the 2023 annual report, Kendrick noted that REDI had been instrumental in a broad range of development and economic activity.
“We’re traditionally heavy in higher education, health care, and insurance,” he said. “Those are still main pillars of our economy, but we’ve seen a diversification of it as well.”
1988
REDI incorporated as a nonprofit on March 14, 1988.
1989
The city of Columbia, Boone County, and Chamber of Commerce become founding investors.
1990
The University of Missouri becomes the fourth investor.
1996
REDI was accredited by IEDC for the first time.
2005
REDI is a major player in the Boone County Commission’s new Chapter 100 revenue bond policy.
2012
REDI relocates from the Walton building to 500 E. Walnut, its current location.
January 2024
The official launch of the Shops at Sharp End, a retail business incubator.
June 2024
REDI was reaccredited by IEDC for the sixth time.
