Title
Establishment of Business Attraction Fund
Proposed Motion
That the attached Administrative Report on the Business Attraction Fund be accepted as information.
Body
Administration Recommendation
Administration supports the proposed motion and the establishishment of the Business Attraction fund. This fund will be used to support continued economic growth and the Major Business Attraction Program.
Purpose
The increased focus on Economic Diversification will require, from time to time, additional resources to suport business development. This fund will be used to support these additional resources.
Summary
Over the past several years, economic growth in Parkland County has been strong. In 2017, two major businesses were attracted to the County under the Major Business Attraction Program. In both cases, the demand on existing County staff resources was significant, particulary in Planning and Development and Engineering Services. To maintain the customer-centric approach being taken to business development, it is necessary to occasionally increase organizational capacity. The purpose of the Business Attraction Fund would allow for the hiring of contracted services with the following outcomes in mind:
1) Support for Planning and Development processes, capacity and core services
2) Infrastructure planning
3) Engineering project management and oversight
4) Targeted sector marketing
5) Specialized studies to support business growth and diversification
In addition, an Administrative Committee will oversee the business attraction program and related initiatives.
Strategic Plan/Policy/Legal/Staff Implications:
Parkland County's long term strategic plan identifies "Strategic Economic Diversification" as a priority; the establishment of this fund will support this priority.
Financial Impact:
Cost: $0
Source of Funding: n/a