TAMRMS#: B06
7.4
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Edmonton Global Investment Plan Effectiveness Report
Presented by: Mike Erickson, Director, Economic Development
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RECOMMENDED MOTION(S)
recommendation
That the September 13, 2021 report entitled "Edmonton Global Investment Plan Effectiveness Report" be received as information.
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PURPOSE OF REPORT
As directed by Council on October 19, 2020, Administration is providing a progress update and an assessment of the effectiveness of Edmonton Global's Investment Plan Proposal, which was initiated in October of 2020.
ALIGNMENT TO PRIORITIES IN COUNCIL’S STRATEGIC PLAN
Strategic Priority #2: Economic Development: Enhance business/commercial growth.
ALIGNMENT TO LEVELS OF SERVICE DELIVERY
N/A
ALIGNMENT TO COUNCIL DIRECTION OR MANDATORY STATUTORY PROVISION
On October 19, 2020, Council approved the following three motions:
1. That Council recommend 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.
That any top up amount the City is required to pay be allocated from the Stabilization reserve for the 2020 fiscal year
BACKGROUND AND DISCUSSION
On August 20, 2020, Edmonton Global held a Shareholders Extraordinary Meeting to present an investment case referred to as the “Investment Plan Proposal”, with an expectation that a decision would be made by Shareholders regarding level of support by October 22, 2020. A copy of the agenda package is attached as Appendix A.
On September 21, 2020, Edmonton Global provided Shareholders with a revised Investment Plan Proposal, attached as Appendix B, which outlined seven outcomes for their organizational performance and the focus ...
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