TAMRMS#: B06
title
Regional Economic Development Entity Funding
Presented by: Lynette Tremblay, Manager, Government Relations
label
RECOMMENDATION(S)
recommendation
1. That the City of St. Albert subscribe for a share in the Part 9 Company to be incorporated for regional economic development in the Edmonton metropolitan region (the “Company”);
2. That the City of St. Albert agree to a three year funding commitment to the Company with such annual payment not to exceed $50,000 in 2017, $100,000 in 2018, and $150,000 in 2019, with the 2017 funding to be allocated from the Stabilization Reserve and funding for 2018 and 2019 to be built into the operational budgets for those years.
3. That, until new appointments are made by Council after the 2017 General Municipal Election, _______________ be appointed to serve as the elected representative of the City and _______________ be apponted to serve as alternate to attend any meeting of the shareholders, as required by the Articles of Association of the Company.
body
PURPOSE OF REPORT
The deadline for municipalities to sign on as a shareholder to the Edmonton Metropolitan Region Economic Development entity (EMRED) is May 24, 2017. This report provides an overview of the mandate, purpose and functions of EMRED in order for council to debate the decision of whether the City of St. Albert will become a shareholder.
COUNCIL DIRECTION
N/A
BACKGROUND AND DISCUSSION
At the March 2016 Capital Region Board (CRB) Meeting, the Board approved the following motion:
That the Capital Region Board incubate a formal regional economic development model, which would be independent of the CRB, for further development and that Administration seek Provincial support for the next steps, and Administration to report on progress in June.
The Capital Region Board CEO assembled an interim board to develop draft Articles of Association for a regional economic development entity. The Interim Board reported to the Capital Region Board a...
Click here for full text