Advocacy Update - Industrial Investment Action Plan
The NAIOP Edmonton Advocacy Committee is excited to share the progress being made with the City of Edmonton on the Industrial Investment Action Plan (IIAP). Feedback from principal members indicated that this was a plan that you would like to support. Therefore, together with UDI, NAIOP Edmonton has contributed and worked with the City of Edmonton to advise during on the creation of the plan.
For NAIOP members, an important part of the plan is Action 3 below, where City administration has proposed an Industrial Infrastructure Partnership Model as either supplemental or to replace the existing Revolving Industrial Servicing Fund (RIS Fund) that allows front end developers to recover over expenditures from two sources. The new model is one created by NAIOP members which upon implementation, will allow developers to recover their over expenditures from 50% of their own tax uplift. This modification also reduces the burden for subsequent developers.
Summary of the IIAP
The Industrial Investment Action Plan report presented to City Council, provides nine actions that will strive to maintain the City’s current tax assessment base, provide a strong employment base and facilitate diversification of Edmonton’s economy. Administration along with key stakeholders completed an analysis regarding Edmonton’s industrial competitiveness.
The report identifies infrastructure investment required to stimulate industrial development and a fiscal impact assessment that examines financial scenarios and options to improve the tax assessment ratio of residential to non-residential development.
The report proposes the following 9 actions.
Action 1 - Improve Image, Reputation and Marketing Functions
Action 2 - Implement Flexibility Regarding Design Standards
Action 3 - Explore Alternative Funding Tools and Options
Action 4 - Introduce Capital Project Prioritization Framework
Action 5 - Increase Speed to Market Development
Action 6 - Leverage Industrial Business Facilitation and Retention Program