If a recommendation to make $1 million available to the Invest North Bay Development Corporation (INBDC) is passed by City Council at Tuesday night's regular meeting, the not-for-profit development corporation will see a considerable increase in funding from the $140,000 it has received from the City in each of the last three years.
CAO Keith Robicheau and Managing Director of Community Services John Severino wrote the report that encourages Council to up the ante for Invest North Bay, which is touted as "a vehicle to be able to have the ability and flexibility to address and respond to the business and development needs of the community."
The $1 million will come from the City's Property Development Reserve.
George Burton, Chairman of INBDC is scheduled to make a public presentation before Council Tuesday, and it is expected he will make the formal request to Council while elaborating on the marketing initiative in southern Ontario that some of the new money will be used for. Burton has expressed in previous presentations the need for INBDC to foster relationships with potential investors in the GTA and southwestern Ontario.
Robicheau replied to inquiries by email Tuesday with, "INBDC has requested that Council allocates up to $1 million to support three of its key investment attraction priorities during the next few years. Until funds are needed for specific initiatives within the priority areas, they have potential to earn more investment income pooled with other reserves and investments of the City."
Also on the agenda for Tuesday's regular meeting of Council (the committee meeting was cancelled):
- A scheduled public presentation regarding the four-laning of Highway 17
See: More passing lanes for Highway 17;
And: Highway 17 east getting plenty of attention (UPDATED)
- The reintroduction of winter parking by-law changes
See: You can't park there at that time, winter is coming!
- Recommendations from the Downtown Waterfront Advisory Committee
See: Council to see waterfront recommendations tonight
The meeting begins at 6:30 p.m. at City Hall.
