The key to any good public-private partnership (P3) is having the vision and commitment to succeed. For all those interested in growing a community through economic development, what occurred in Riverside, Missouri, this morning is a great example of the public and private sector working together to accomplish more than they could individually.
For those who have not yet read The Wall Street Journal, Missouri Governor Jay Nixon announced that auto parts supplier Yangfeng USA Automotive (YF) will construct a manufacturing facility in the City of Riverside, Missouri. YF plans to invest $45 million in the plant, which will produce and supply interior components to General Motors plants in both Kansas and Missouri.
The plant will be YF’s third-largest facility in the United States and will create 263 new jobs in Missouri.
The YF announcement is an example of using a P3 and public incentives to capture a return on investment for the entire community. There were numerous places YF could have located, but it ultimately chose the City of Riverside based in large part on the work accomplished in the public-private partnership between NorthPoint Development and the City of Riverside.