Economic development corporation deadline looms
St. Albert, Fort Saskatchewan and other cities of the Edmonton region have until May 24 to commit to a shared economic future.
That’s the deadline to participate in a new regional economic development corporation, mayors were told Thursday. If any municipality doesn’t sign on and wants to get involved later, the cities already involved get to determine how much the newcomer has to pay.
“What we want to prevent is municipalities that just sit back and wait,” said Elan MacDonald, an interim board member for the new corporation, suggesting the fee would compensate early adopters for the effort and funds they already contributed.
This new regional corporation will focus first on developing a brand for the region, a database of assets and a strategy to market those assets, said MacDonald. “It’s really about growing the pie.”
She’s hoping at least five or six municipalities sign on.
The idea came out of the blueribbon panel convened by nine local municipalities interested in promoting better competition as a region. They were frustrated with the divided and slow-moving 24-member Capital Region Board.
Since then, the province said it will cut the Capital Region Board back to 13 members, all of whom were invited to participate in this new development corporation.
The Capital Region Board has already invested $500,000 for planning and start-up costs. On Thursday, Economic Development Minister Deron Bilous announced $300,000 more. Municipalities got copies of the draft articles of incorporation at a Capital Region Board meeting Thursday.
Edmonton Mayor Don Iveson said he expects the new corporation to launch before the end of the year. It will be run as an arm’slength entity, similar to how the Edmonton Economic Development Corp. operates.
“Rather than a board of politicians, it’s a board of business and community leaders,” he said.
“Less political, more mission-driven.”
Edmonton city council hasn’t voted on it yet, but Iveson has been one of the strongest promoters.
Locally, this is a very political move, but it’s regionally important, said St. Albert Mayor Nolan Crouse. His council has not voted on it yet, either.
Signing on would be a three-year commitment. It would be set up so that each municipal shareholder has one vote, and would operate on a three-year rolling budget.
“We’ve made a great deal of headway on this,” said Reg Milley, former chief executive of the Edmonton International Airport, who is also sitting on the interim board.
“We’ve really been competing with each other (in the region),” he said. But if the region works together, “we’ve got a lot to offer any company that wants to invest.”