Council met on Tuesday, Nov. 28 for their second meeting since being elected to hear a presentation on economic development.
On June 22, 2010 Council unanimously agreed that administration should prepare a bylaw to establish an Economic Development Advisory Committee.
Now the task force is revisiting that idea and Dan Fouts, Kim Jenkins and Brad Ferguson spoke on the formation of the Wood Buffalo Economic Development Corporation (WBEDC).
Modelled after the highly successful Edmonton Economic Development Corportion, the WBEDC will be responsible for the economic growth strategy for the RMWB.
They would attract new businesses and investment to the region while supporting existing businesses and building a sustainable visitor economy.
Fort McMurray Tourism and the Fort McMurray Airport Authority were in support of the WBEDC voicing the many benefits their businesses as well as the community could have from the corporation.
Arianna Johnson, the executive director of the Wood Buffalo Food Bank was very passionate about the WBEDC saying when she heard about such a corporation operating within arms length of council she breathed a sigh of relief. Johnson believes that the economic development of the region is key for her organization.
“By passing this motion, Council is demonstrating its commitment to economic growth, sustainability and diversification,” said Mayor Don Scott. “This Corporation will ensure the long-term economic success and viability of our region and I applaud the work Administration has done with our community partners on this project.”
Initial funding would come from the $8 million remaining in the Small Business Workforce Support Program.
As the WBEDC grows and becomes more of a self-sustaining operation, it will have the ability to access provincial grants and other funding and rely less on funding from the municipality.
