The Coachella Valley Economic Blueprint, an unprecedented, five-year economic and community development strategy for the region, is already on the first leg of its journey.

The blueprint has received investment commitments of $2.5 million, Coachella Valley leaders were told on Friday at the 2009 Coachella Valley Economic Summit.

Kicking off the investment commitments in the event at Renaissance Esmeralda Resort & Spa were the desert’s three local hospitals, leading energy providers, the hospitality and tourism industry, building council, local media and government organizations.

The lead investments represent multi-year commitments.

Taken together, the funding equals 20 percent of the $12 million that will be needed to carry out the regional strategies over five years. It represents 65 percent of the operating and programming budget projected for the first year.

Now that it’s been put in motion, transitional teams will transform the Coachella Valley Economic Partnership into a not-for-profit, public-private investment corporation to launch forward-thinking strategy that makes it competitive for high-value jobs in the “New Economy.”

"We now have a plan going forward,'' said Carolyn Stark, executive director of the University of California, Riverside, graduate center.

Kathy DeRosa, a co-chair of Coachella Valley Economic Partnership, asked, "Are you in?" "Are you in?" "Are you in?"

The lead investors are:

Imperial Irrigation District, investing $100,000 annually for three years.

Desert Regional Medical Center, Eisenhower Medical Center and John F. Kennedy Memorial Hospital, each pledging $50,000 for the full five years of the blueprint campaign.

Desert Healthcare District, committing over $300,000 in a two-year period for the creation of a Health Care Industry Council.

Riverside County Economic Development Agency, investing $50,000 in funding and $110,000 worth of in-kind support.

Palm Springs Desert Resort Communities Convention and Visitors Authority, approving a $50,000 annual investment over the five-year plan.

Riverside County Office of Education, investing $100,000 to carry out workforce excellence strategies that include the continuation of the Career Pathways Initiative.

College Access Foundation, providing $400,000 to operate Pathways to Success.

The Ford Foundation, investing $50,000 over the next two years — a commitment that is in addition to the $250,000 already invested since 2004.

Other local business leaders making early funding commitments include: Southern California Edison, $25,000; and The Desert Sun, University of California, Riverside Palm Desert Graduate Center, and the Building Industry Association, Desert Council, each at $10,000.

Investors who committed funds at the $50,000 level and above, will be part of a team that will gather to discuss regional issues, set priorities and monitor progress of the blueprint plan.

Desert Hot Springs committed $50,000.

"The city of Desert Hot Springs wants to work in collaboration with every one else because we can't stand alone,'' said City Manager Rick Daniels. "Six thousand residents leave our city every day to work someplace else. "The region economy is so intertwined, it will require group thinking to improve the economy for all."

Benchmarks

The projected budget for the first year is $1.1 million — not counting the ongoing grant funded educational programs.

There are nine key benchmarks for the first year:

1) Transform the Coachella Valley Economic Partnership (CVEP) into a nonprofit investment corporation

2) Create “action committees” and “work groups” to oversee specific blueprint strategies

3) Hire a dynamic and accomplished chief executive

4) Launch internal marketing efforts to build awareness of CVEP and its mission

5) Design and release a new logo, message campaign and Web site for CVEP

6) Develop and launch a small business incubator

7) Create a “clean and green” marketing program

8) Pair business community volunteers with families of high school students to help them obtain financial aid for college

9) Find ways to build a data base for CVEP’s Web site for valley cities, government agencies and potential businesses, employers or residents can use for day-to-day living, and to retain or attract business, entrepreneurial investment, research and development or new industry.