Fairbanks Economic Development Corporation seeks formal role as the region’s designated economic development organization

Joe Mo Stewart, president of the Fairbanks Economic Development Corporation (FEDC), asked the assembly to support a resolution transferring the community’s formal regional economic development responsibilities to FEDC and to endorse FEDC’s pending application to the State Department of Commerce to become the designated regional entity.

Stewart said FEDC has acted informally as the region’s operational economic development partner for years and has prepared business plans, facilitated industry roundtables, produced annual economic reports and led the Strategic Economic Development Strategy process. He said FEDC has solicited and received resolutions of support from local partners including the Fairbanks and North Pole chambers and Explore Fairbanks, and continues outreach to the Fairbanks North Star Borough and Tanana Chiefs Conference.

Assemblymembers asked about FEDC’s readiness for the responsibilities of a state‑designated economic development entity, board composition, bylaws and plans to produce a business plan tailored to the new role. Stewart said FEDC has revised bylaws, is preparing a business plan and intends to bring additional governance clarity to municipal and peer‑entity representation on its board. He also said no other organizations had indicated they were seeking the same designation.

Stewart described a timeline driven by his board and by the borough’s desire to submit an application to the State before the start of the fiscal year; he said that Department of Commerce review includes a public comment period. Assemblymembers indicated they would debate any resolution of support at a later meeting and thanked Stewart for the testimony.