Stewardship of place is an idea whose time has come. Much of the improvement in economic opportunity and quality of life sought by policymakers for the citizens of their states depends on the acceptance by universities (especially metropolitan universities) of a leadership role in their communities. But university leadership cannot marshal the forces within their institutions without a supportive state policy environment. At this point in time, development of the necessary policy frameworks is a work in progress; there is no conventional wisdom as to what really works in this regard. This paper suggests the elements of such policy. Further development of these ideas, with all the variations necessary to make them work in diverse state and local settings, is the challenge and the imperative. (Contains 2 figures.)