When it comes to economic development, cynicism has long ruled the day in the Mahoning Valley. And why shouldn’t it have?

After the decimation of the once almighty domestic steel industry in Greater Youngstown five decades ago, a long, long series of grandiose economic saviours have come — and gone — down our pike. There were blimp factories, commuter aircraft plants, a massive federal defense accounting center, a Saturn production plant to name just a few. All turned out to be pie-in-the-sky pipe dreams.

Therefore, when plans for a massive Aerospace and Defense Innovation Hub were announced last week for downtown Youngstown, it’s completely understandable that some would view it with a healthy dose of skepticism.

But in this $62 million venture, they most definitely should not. Unlike the plethora of failed economic development projects in the past half-century of our history, the innovation hub has great potential to meet and beat the lofty projections that accompanied its rollout announcement last week by Gov. Mike DeWine and Lt. Gov. Jim Tressel.

Among them are its potential to create up to 750 jobs, to wield more than $162 million in local economic impact over the next four years and to make the Mahoning Valley a global leader in additive manufacturing in the 21st century, much like our region was renowned as a world center of steelmaking through much of the first three-quarters of the 20th century.

Not convinced? Let us then count the ways in which this innovation hub — the final one of four in the often-ignored metropolitan centers of the state outside of the 3C’s of Cleveland, Columbus and Cincinnati ± separates itself from the long list of failed economic boondoggles.

First, a critical portion of seed funding for the innovation hub already is in the bank. The state of Ohio awarded the hub $26 million – plus about an additional $2 million for design and planning — to convert the former Vindicator production building on Vindicator Square in downtown Youngstown into a state-of-the-art center for additive manufacturing and 3D printing for commercial ventures and the U.S. Department of Defense.

Aggressive work already has begun to secure an additional $36 million in local and federal tax dollars and private investment to complete the financing package. The city of Youngstown, for example, has commendably pledged a $1.35 million investment in the hub.

Second, a strong foundation already is in place in Youngstown and the Valley upon which to build a world-class center for advanced manufacturing. The two major partners in the venture — the Youngstown Business Incubator and America Makes — have primed the pump for success. Those two institutions have put the city on the map globally as a center for business innovation particularly in additive manufacturing and 3D printing.

Over the past two decades, the YBI has created 200,000 square feet of campus across five West End downtown buildings. It has been recognized by UBI Global in Stockholm, Sweden, as the No. 1 university-affiliated incubator in the world.

As for America Makes, the Department of Defense’s first national manufacturing innovation institute, it has evolved over its 13-year existence on Boardman Street downtown into the nation’s leading public-private partnership for additive manufacturing technology and education.

“Youngstown has always been a city built on manufacturing,” said Jim Fisher, vice president and chief operating officer of the National Center for Defense Manufacturing & Machining, America Makes’ parent. “Once, it was a steel town. We are leading the nation in manufacturing, honoring the industrial other parpast while shaping our future.”

Finally, this innovation hub was born of strong and robust partners that share a rock-solid commitment to reviving the economic vitality of Youngstown and its environs. In addition to AM and YBI, those partners include the Youngstown-Warren Regional Chamber, Youngstown State University and the city of Youngstown. Other partners credited during the announcement include the Western Reserve Port Authority, the Mahoning County Board of Commissioners, Lake to River Economic Development and the Youngstown Foundation. Any major industrial startup could not ask for a more committed set of partners with which to collaborate and share resources.

Given its strong mix of robust capital, unparalleled experience and powerful partnerships, the Youngstown Aerospace and Defense Innovation Hub clearly appears destined to soar speedily to amazing heights for the future of the Valley.