The enticing proposal of a privately run, large-vessel shipyard at the former 6-Mile Mill property certainly would relaunch the town’s economy, reversing a quarter-century of decline from the loss of the sawmills and logging industry.

And just as certainly, it may not work. But the borough is taking the right attitude: It will never work if Wrangell doesn’t give it a try — and spend some money on the effort.

The assembly last week approved a three-year deal for JAG Marine Group to lease about 25 acres of the borough-owned property, giving the company — and the borough — time to determine if everyone can pull together a business plan and the money needed to build the shipyard.

To help move the decision process along, the borough is paying $550,000 toward a feasibility study of the plan, with JAG pitching in $200,000. That study, which is due for completion at the end of June, will look at potential designs for the maritime services operation, what would be needed at the site to attract customers, the cost of construction and the capital investment — pretty much the consultant’s opinion as to how it could work and whether it would work financially.

At the same time as the feasibility study, the borough is spending $56,000 to survey the property for roads and utilities that would be needed for the shipyard and other users considering setting up business at 6-Mile.

Add up the two expenditures, and the borough will have about $600,000 into the effort.

And while Wrangell and JAG are spending their own money to better understand if the shipyard plan has merit, the borough has applied for a federal grant to put in roads and utilities and strengthen the shoreline at 6-Mile to turn the property into a productive deepwater industrial port.

That federal aid, if it comes through, would cover most of the estimated $47.5 million cost of improving the property, readying it for industrial tenants.

JAG, which also has operations in Ketchikan and Seward, along with Michigan and Virginia, could spend several times the federal grant in its own money to construct everything needed to build, repair and service large vessels.

If it goes ahead, it would change the economics of Wrangell. But there is a long list of reasons why it may not happen: Construction costs; whether a Wrangell yard could be competitive with other facilities; how much is the federal government willing to commit to send its ships to the yard and whether that commitment would last through the years.

It’s worth a try, even with the unknowns. Wrangell needs to spend money to see if the town can bring in new money.