TAMRMS#: B06
title
Edmonton Global - Investment Plan Proposal
Presented by: Sean McRitchie, Director, Economic Development
label
RECOMMENDED MOTIONS
recommendation
1. That Council direct Edmonton Global Shareholder representatives from the City of St. Albert to commit to support Option C of the proposed Investment Plan Proposal and associated Top Up Cost Allocations for a one (1) year period, at the October 22nd, 2020 Edmonton Global Extraordinary Shareholder meeting.
2. That Council direct Administration to bring back a report by Q3 2021 on the effectiveness of the one (1) year investment.
3. That $65,061.33 be allocated from the Stabilization reserve for the 2020 fiscal year.
body
PURPOSE OF REPORT
The purpose of this report is to inform Council of a request from Edmonton Global to consider an “Investment Plan Proposal”. The “Investment Plan Proposal” and initial recommended resolution were presented to the Shareholder group on August 20, 2020, with the initial resolution as follows:
“That the Edmonton Metropolitan Region Economic Development Company Shareholders approve a budget top up of up to $xxxxxxx for the 2020 fiscal year from those within the Shareholder group willing and able to provide additional contributions.”
The resolution and Investment Plan were discussed amongst Shareholders and the subsequent resolution was put forward:
“That the proposal be referred back to flesh out a two year ramp up to Option A, B, and C with:
a) clearer metrics and outcomes;
b) the objective of maximizing leverage of government grants in 2021,
c) securing a provincial match subject to this member top up;
d) to provide time for members to work the escalation into their budgets over two years; and,
e) that the revised proposal come back to a special general meeting in October.
f) work with EDO network to refine and prioritize marketing deliverables.”
Edmonton Global has called an Extraordinary Shareholder Meeting on October 22nd, 2020 to discuss the I...
Click here for full text