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July 9, 2024
The City has launched its new Industrial Investment Action Plan (IIAP), a roadmap for attracting investment into our city, growing and diversifying our economy and increasing our industrial tax base.
“Our city is growing at an unprecedented rate, and we’re working hard to support that growth by building an economy that is sustainable and resilient,” said Ian Gallagher, Director of Regional Development. “The IIAP will not only solidify Edmonton as a great place to invest, but it will drive innovation and economic initiatives that make our entire region more prosperous.”
The IIAP brings together past and current industrial investment attraction work and ensures a balance of the current challenges with future opportunities. Industrial investment and growth are essential to the city’s long-term fiscal sustainability, helping create the conditions for a healthy, urban and resilient economy.
The IIAP aims to meet its goal of expanding our industrial areas through nine distinct actions:
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Action 1: Market and promote the industrial advantages of Edmonton.
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Action 2: Establish and maintain an industrial infrastructure prioritization tool.
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Action 3: Increase efficiency and improve business processes for industrial development.
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Action 4: Develop a guiding framework for flexibility in the City’s design standards.
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Action 5: Work with Indigenous communities, organizations and businesses to identify barriers and advance Indigenous industrial economic development in Edmonton.
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Action 6: Remove barriers for ethnocultural and all equity deserving communities for participating in Edmotnon’s industrial development.
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Action 7: Continue to collaborate with regional partners, Indigenous communities and investment groups, and regional economic development agencies on economic development activities.
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Action 8: Identify and tailor programs and incentives for target sectors that will provide a strong return to the City’s tax base and advance strategic objectives.
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Action 9: Monitor progress and results of the Industrial Investment Action Plan.
The first Industrial Investment Action Plan was developed in 2016, and the refreshed plan helps address changes in the global energy market, environment and climate considerations as well as the strategic goals of the City laid out in The City Plan and the Economic Action Plan.
The IIAP will be the cornerstone of a strategic approach to industrial growth where people with great ideas stay and succeed, businesses see Edmonton as a great place to invest and our economy is responsive to climate change. Administration will return to Council in the first quarter of 2025 with an implementation plan which will outline the roll out of the IIAP.
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