Red Deer's position in the Calgary-Edmonton economic corridor should be driving growth better than the provincial average, said one of the leaders of a new economic development committee.
"I think Red Deer has been a little too stagnant," Ad Hoc Economic Development Committee chair Peter Lacey told city council Tuesday during an update on the group's work so far.
While Alberta's population has been booming Red Deer has not been taking full advantage of the influx of new arrivals, many of whom have headed to Edmonton and Calgary, said Lacey, a long-time Red Deer business leader and former Red Deer College board chair.
The economic development committee set up last December aims to change that.
In the last few months, committee members have researched and evaluated successful economic development strategies elsewhere and taken the local context into account to identify 10 key factors for success.
The results of that work by the 10-member committee will be presented to the public at a May open house that will run 2-4 p.m. at Westerner Park"s Harvest Centre.
Two potential models have been narrowed down by the committee. One would leave economic development in the hands of city administration and the other is to create an arm's-length organization that would work with, but not led by, the city – the direction the committee is leaning.
Lacey said the open house is meant to gather feedback on the committee's direction and provide "confirmation we're on the right path."
Committee vice-chair Allan Chegus called the meeting a "verification and validation step" that will be used to help the committee pull together its final recommendations expected in June.
Chegus sees the committee as a way to bring together other organizations, such as the Downtown Business Association and Red Deer District Chamber, to create a single economic development vision.
"We think this committee can do that," said the president and CEO of consulting firm AMC Resources.
Lacey said based on similar economic development initiatives elsewhere, the city will likely be asked to provide 50 to 60 per cent of the necessary funding. The local business community will also be approached to contribute between 15 to 20 per cent. Grant funding may also be available.
The committee is expected to be expanded to include representatives from other local groups and will likely include the mayor and city manager.
Lacey said a key goal of the committee is to show its economic development promotion efforts will lead to tangible results.
"We very much need to address the fact that there is a return."
