OTTAWA - Setting up a major events office, funding entrepreneurship programs and attracting and retaining businesses are part of Ottawa’s $5.5-million economic development plan.
The city’s finance and economic development committee was set to discuss the plan during it’s July 7 meeting.
Mayor Jim Watson campaigned on economic development and pushed for the investment and city council included it in the 2011 budget, but until now, it was unclear how the $5.5 million was going to be spent.
A large chunk of the money - $1.5 million in 2011 – will go towards expanding and retaining businesses in Ottawa. The city plans to target businesses in the green energy, aerospace and defence, photonics, life sciences, digital media and film/television sectors.
Money for keeping and attracting businesses to Ottawa will increase to $2.2 million in 2012, according to the plan.
The city will also partner with Tourism Ottawa to invest more than $500,000 annually into a major events attraction office, with a goal of attracting one international event, three national events and two provincial or regional events each year – a $29-million economic impact, according to the report.
The city also wants to help people start their own businesses. It will increase funding for entrepreneurship programs to $1.4 million annually. There are also partnerships with Entrepreneurship Centre and Regional Innovation Centre and Carleton University’s Lead-to-Win program in the works.
Building a city-wide group for business advocacy groups – the Greater Ottawa Business Improvement Area or GO-BIA – is also a priority.
BIAs would also get support through a grant program for façade improvement, murals and hiring co-op students. There is also an online mapping tool for local businesses planned.
Click here to read the city’s press release.
Click here to read the report to the city’s finance and economic development committee for July 7.