Claim: The Michigan Economic Development Corporation (MEDC) is a cooperative arrangement between two or more public and private sectors, typically of a long-term nature known as a public-private partnership agency and also as a 501(c)(3) non-profit, whose mission is to promote economic development within a specific geographical area known as an economic development corporation dedicated to job creation.
Evidence: A public–private partnership (PPP, 3P, or P3) is a cooperative arrangement between two or more public and private sectors, typically of a long-term nature. The Michigan Economic Development Corporation (MEDC) is a public-private partnership agency and economic development corporation dedicated to job creation in the U.S. state of Michigan. An economic development corporation ("EDC") is an organization common in the United States, usually a 501(c)(3) non-profit, whose mission is to promote economic development within a specific geographical area.