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Economic Development Investment Funds have been used in several other North American jurisdictions — for example, in 2004, Kitchener, Ontario established a 10-year, $110 million fund paid for through a special 10-year capital levy. The fund contributed to a wide array of projects, everything from streetscape improvements and residential densification to a central library, a downtown community centre, and the University of Waterloo School of Pharmacy. “When you think of jurisdictions that have accelerated their growth and diversification, such as Kitchener-Waterloo, the money they have been able to work with is much greater than this (what council approved Monday),” Moran said. “But $10 million is a great start. I think I can speak on behalf of the community to say we’re appreciative of the effort city council put forward with this.” Council will also have to set the criteria for the fund. Though the idea is for Calgary Economic Development to administer the money, a yet-to-be-appointed council subcommittee will be making the decisions about which projects to approve under the program’s rules. Across North America, Economic Development Investment funds have been used for everything from business park developments and corporate headquarters’ relocations to downtown parking improvements and arts, culture and sports facilities. “It could be things as simple as how do we expedite or help you navigate the regulatory process with the City of Calgary. It could be partnerships in land — things like land swaps or a payback program for a potential customer,” Moran said.

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