2.1.1 Business Attraction & Retention Economic Prosperity

Size: px

Start display at page:

Download "2.1.1 Business Attraction & Retention Economic Prosperity"

Delilah Hamilton
5 years ago
Views:

1 HOW DOES THIS SERVICE CONTRIBUTE TO THE QUALITY OF LIFE IN THE CITY OF LONDON? In relation to the desired population results in the City of London s Strategic Plan: A Strong Economy, A Vibrant and Diverse Community, A Green and Growing City, A Reliable Infrastructure, A Caring Community Our goal is to accelerate and sustain the growth of a strong and vibrant economy and foster private sector investment in the city. LEDC and its partners TechAlliance, Small Business Centre and Stiller Centre work through attraction, business retention and organic growth activities to provide support and expertise to create economic growth, jobs and overall wealth creation for the City of London. BASIC FACTS Cost per 212 Approved Gross Budget 212 Approved Net (Tax/Rate- # Staff Household ($) Supported) Budget ($) 12 $33.95 $5,69* $5,69* Name the main activities done to provide this service: How much did we do? (statistics - optional) 1. Attract foreign direct investment 9 companies, $311 million No 2. Facilitate and support local 18 companies, 1,165 jobs No business growth and job creation created 3. Increase assessment growth 1,464 million square feet No *Budget includes $3,7, contribution from Economic Development Reserve Fund Is this service provided by someone other than City staff? (Yes/No/%) Attract Foreign Direct Investment Investment Dollars (Foreign Direct and Local Expansions), in, s Page 1 of Business Plan

2 LEDC works in global markets to promote London as a city that is established, experienced and one that openly supports foreign direct investment. LEDC has leveraged provincial and federal investment programs to position London as a world-class business destination. With the manufacturing sector in transition LEDC is focused on strategic growth that compliments global market demand including food processing, digital interactive media and ICT, renewable energy, financial services and life sciences. In recent years LEDC has been able to take advantage of many opportunities despite the slow recovery in the U.S. economy; however fierce competition from U.S. incentives and priceundercutting in our region has created severe competition. London has one of the top industrial parks in Ontario, and our Industrial Land Strategy has targeted development according to the growth of our key sectors. We continue to seek investment from key markets including Germany, France, Holland, Korea, Japan, Norway and the US. Several formal partnerships exist with the LEDC and regional partners including the Ontario Food Corridor, Ontario Automotive Communities Alliance, Ontario Technology Corridor, and the Ontario Clean Tech Alliance. We also work with several local, provincial and federal institutions to coordinate local economic development. LEDC continues to pursue strategic partnerships with regional partners and both federal and provincial ministries that work in the area of foreign direct investment. LEDC has met 21 and 211 investment targets and will continue to pursue our strategy. Page 2 of Business Plan

3 Facilitate and Support Local Business Growth and Job Creation Total number of jobs created 1,8 1,6 1,4 1,2 1, We provide guidance and leadership to develop and grow local business. Our team regularly liaises with key municipal, provincial and federal stakeholders to facilitate expansions. London s infrastructure supports local expansion and the LEDC expedites the process. 211 saw some slowdown in both numbers of companies expanding and total jobs added. This is in part related to federal and provincial incentive programs running out. We are working with the City Manager s Office, Chamber of Commerce, Small Business Centre, TechAlliance, Stiller Centre, LDI, LSTAR, London Airport, Downtown London and industry working groups to continue our outreach, company visits, and cold calls to enhance growth for 212. Our goal is the addition of 4, square foot annually through to % sector growth annually through to 217. $5 million in new investment annually through to 217 Page 3 of Business Plan

4 TechAlliance: coordinate business support services and programs in Innovative industries WorlDiscoveries: facilitate and support commercialization efforts Robarts Research Institute: facilitate business development Stiller Centre: facilitate business development Chamber of Commerce: Liaise on policy issues affecting local business LDI: Liaise on policy issues affecting local and foreign developers LSTAR: Liaise on issues affecting local real estate Small Business Centre: coordinate business support services Downtown London: promote commercial opportunities related to ICT and subsectors (including digital interactive media) BizInc.: facilitate student start-ups and entrepreneurism London Airport: expand transportation links, air cargo and aviation related industry in London LEDC plans to increase its retention activities through increased visits to companies, enhanced communication of federal and provincial programs, and by providing companies with greater access to the information they need to grow. Continue strategic partnerships and outreach. 1,6 Increase Assessment Growth Industrial Building Square Footage Added, in s 1,4 1,2 1, Page 4 of Business Plan

5 The LEDC s plan to increase assessment growth stems from the development of an enhanced industrial land strategy and the growth of the commercial creative core. We have begun the development of our Advanced Manufacturing and Green Technology Park, which continues to support attraction efforts in our key markets including Europe, South and Central America, and U.S.A. The LEDC is striving for a 2.5% increased tax assessment through to 215, as well as a 2.5% increase in city utility dividends annually through to % increase in building permits annually through to 217. In addition to this, we see the continued revitalization of the downtown core as a key strategy to assessment growth. Our strategy is to cluster creative knowledge based industries including digital interactive media, secondary education, and information technology downtown. Our goal is to decrease vacancy rate by 1% annually through to 217, and see the addition of 3 residential units annually through to 217, with the addition of creative/knowledge-based jobs: 9 by % increase in commercial workforce annually through to 217. See above Continued partnership with key stakeholders including the City s Real Estate and Planning Department, Downtown London Page 5 of Business Plan

MUNICIPALITY OF TRENT HILLS ECONOMIC DEVELOPMENT STRATEGIC PLAN

1 MUNICIPALITY OF TRENT HILLS ECONOMIC DEVELOPMENT STRATEGIC PLAN 2010-2013 WWW.TRENTHILLS.CA INTRODUCTION The purpose of this document is to provide a guideline for taking actions that will strengthen