10 Year Anniversary of the HEDCOR FUND
This year marks the 10th anniversary of the creation of the HEDCOR Fund at the Community Foundation, which was established in 2007 by forward-thinking leaders to support future economic development in our area.
“Establishing this fund was a long-term investment for our kids and grandkids. The Holland Economic Development Corporation (HEDCOR) is a major reason our local manufacturing is what it is today,” noted Jeff Elhart, a past HEDCOR board chair who helped make the decision to bring the resources to the Community Foundation. “The leaders behind HEDCOR laid a very strong foundation to build our next generation economy. The strides they made have helped to keep our area in the forefront of Michigan communities,” said Jane Clark, President of the Michigan West Coast Chamber.
Reflecting on Legacy and History
Founded in 1962 as a philanthropic effort, HEDCOR’s mission was to promote the general welfare of industry and business, and to encourage, increase, maintain, and preserve the employment of labor in business and industry in the local area. With that mission in mind, HEDCOR led industry growth for 45 years and developed what are now thriving industrial parks: the Southside Industrial Park in the City of Holland and the Northside Industrial Park in Holland Charter Township.
It’s important to recall that in the 60s, 70s, and 80s, industrial developers weren’t present like they are today. “HEDCOR was a pioneer of industry during this time,” noted Lou Hallacy, former mayor and Chamber President. “We focused on creating spaces where companies could come to Holland instead of go to other communities. We had a vision for what this community needed and with diligence and persistence, we achieved that, but it took time, as most good things do.”
In 2007, after much success, Lou and the HEDCOR directors recognized that times had changed and new developers were entering the community. “We saw the need for employee training and community development that looked different than developing property,” said Hallacy. Jeff Elhart, Chairman of HEDCOR and Lou Hallacy, Past President of the Holland Area Chamber, approached Holland Charter Township with an out-of-the-box idea; for
the Township to purchase and manage the parcels of land that made up
the industrial park.
A strong partnership was formed as HEDCOR and Holland Charter Township entered into a purchase and sale agreement in which the Township purchased HEDCOR’s remaining land assets — 100 acres of industrial property. While HEDCOR was dissolved after this transaction, its legacy of economic growth and prosperity has lived on through the proceeds of the land
sale which went into the HEDCOR economic development fund
at the Community Foundation.
“The HEDCOR legacy is a testament to Lou Hallacy’s leadership. His connections to the City of Holland, Park Township, and Holland Charter Township created the perfect storm to get us where we are today. Lou and my former fellow HEDCOR directors recognized it was time to preserve equity and support economic development in a new way to expand the economy,” recalled Elhart.
The purchasing of HEDCOR’s 100 acres of property was a big commitment, but the Township knew it was the right decision. “They did this for the good of the community,” noted Lou Hallacy. “You couldn’t have asked for better collaborators and team players than Terry Nienhuis, Don Komejan, and the late Bill Driesenga, coupled with the HEDCOR leadership of Don Heeringa and Jeff Elhart. We found a great partner in the Township.” “We recognized the importance of measuring control over that acreage to keep it available as sites for manufacturing. We’ve had acreage dedicated for industrial use, which has brought new and expanded industry,” said Terry Nienhuis.
In the past ten years, a number of businesses have purchased parcels of the industrial park land, creating jobs and furthering economic growth, such as: EBW Electronics, Liberty Plastics, Stowe Company, Agritek, Trick Tool, and more. The best part? These companies have grown and thrived locally, and were able to add additional property because of the foresight of the Township’s land purchase from HEDCOR. “When local companies wanted to expand, we had a place for them nearby. It turned out to be a really positive opportunity, as it provided them the flexibility needed to expand when the time was right,” noted Komejan.
HEDCOR Fund Impact
Founded with more than $1 million, the HEDCOR fund has provided $50,000 in annual support to Lakeshore Advantage since its inception ten years ago. It also provided $250,000 in support to help launch the Michigan State University Bioeconomy Institute. Its flexible funding allowed for a $500,000 startup loan to help launch New North Center for Innovation and Design, which was paid back into the fund over time. Most recently, the HEDCOR fund helped with getting the Holland SmartZone designation up and running by providing $200,000 in seed funding for its first five years. All of this has happened and there is still more than $400,000 left in the fund for future local impact.
“This is exactly what the dream of the HEDCOR fund was about — having flexible resources to respond to economic development needs,” said Elhart. “We all agreed that the Foundation was the right place to put these dollars because of its reputation, stability and permanency,” recalled Terry Nienhuis. “We recognized the importance of having both endowed and non-endowed assets for the future where the board could discern the best investments in community economic development,” said Elhart.
“We dreamed of using this fund to grow economic development, and we couldn’t be prouder that ten years later, it is still doing that today,” said Hallacy. This is exactly why the Community Foundation is here in our community. To steward resources for maximum impact on our community today, tomorrow and forever.
Originally featured in the Community Foundation’s Winter 2017 Newsletter. While this was written in 2017, we believe that stories of generosity are timeless and always relevant.
