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Intermunicipal Economic Development Strategy Page I

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Intermunicipal Economic Development Strategy Page I (page left intentionally blank) Table of Contents Executive Summary ............................................................................................................... 1 1. Introduction ................................................................................................................. 1 1.1 Objectives and Outcomes ........................................................................................................ 1 1.2 Aligning our Economic Development Efforts ........................................................................... 2 2. Strategic Planning Process ............................................................................................ 4 2.1 Developing the Strategy ........................................................................................................... 4 2.2 Situational Analysis ................................................................................................................... 5 2.3 Business and Community Consultation .................................................................................. 11 3. SOARR Assessment ..................................................................................................... 17 3.1 Strengths ................................................................................................................................ 18 3.2 Opportunities ......................................................................................................................... 19 3.3 Aspirations .............................................................................................................................. 19 3.4 Risks ........................................................................................................................................ 20 3.5 Results .................................................................................................................................... 21 4. Strategic Goals ............................................................................................................ 22 Strategic Goal # 1: Build Economic Development Capacity ............................................................................. 22 Strategic Goal # 2: Foster a Friendly-Environment for New Development and Existing Businesses................ 23 Strategic Goal # 3: Support Business Retention and Expansion and Entrepreneurship................................... 24 Strategic Goal # 4: Target Community-Based Economic Development ........................................................... 25 Strategic Goal #5: Make Black Diamond and Turner Valley a Destination ....................................................... 26 5. Action Plan ................................................................................................................. 28 Appendix A: Background Report (under separate cover) Cover Images: Municipal Website - Town of Black Diamond, Town of Turner Valley © 2019 MDB Insight Inc. Black Diamond – Turner Valley Intermunicipal Economic Development Strategy Page i Executive Summary Black Diamond and Turner Valley have a long history of cooperation. The two municipalities have worked collaboratively on a variety of areas of shared interest and have demonstrated their commitment to continuing this cooperation through a Friendship Agreement. The Intermunicipal Economic Development Strategy is a further step in this direction. This strategic partnership between Black Diamond and Turner Valley demonstrates the joint commitment to support the growth of local businesses and provide the framework and for the two communities to move an economic development agenda forward in a coordinated manner and pursue prosperity and economic growth for the region. Supported by the Intermunicipal Economic Development Committee, economic development in Black Diamond and Turner Valley is well positioned to go to the next level. The Intermunicipal Economic Development Strategy is designed to leverage and build on this foundation of community promotion and community development that both towns have committed to despite the limited resources available to date. The Intermunicipal Economic Development Strategy lays out five strategic goals that are critical to elevating economic development to forefront of both municipalities. These goals include: ▪ Build Economic Development Capacity ▪ Foster a Friendly-Environment for New Development and Existing Businesses ▪ Support Business Retention and Expansion Entrepreneurship ▪ Target Community-Based Economic Development ▪ Make Black Diamond and Turner Valley a Destination Building the economic development capacity refers to a commitment to the financial and human resources necessary to effectively execute the strategy and to implement the various initiatives and actions through to completion. Successful economic development efforts require leaders, partnerships and support from the entire community. An Economic Development Officer can be a champion for Black Diamond and Turner Valley and a conduit for accessing business support programming and marketing and promotional support for the two communities. Fostering a business and development-friendly environment is essential to attracting developer interest, enabling local development and retaining and supporting existing businesses as they grow. Building a friendly environment for development is more than just a slogan and declaring the community open for business must be supported by the processes, communication and tools that enable make doing business in Black Diamond and Turner Valley as easy as possible. With strong local ownership and a primarily small business base, business retention and expansion support assists in identifying companies facing challenges or with potential to grow locally. By engaging with business owners on an ongoing basis, business retention and expansion efforts create an ongoing feedback loop to help assess whether the Intermunicipal Economic Development Strategy is being effectively implemented. Working with existing businesses and supporting the growth of new business through entrepreneurship are a key pillar in most economic development strategies. The strategy also looks to enhance the overall attractiveness of the community as a place to live, locate a business or visit. Through initiatives designed to further improve the downtowns and bring the community together, the strategy outlines how targeted investments can help fill vacancies and renew Black Diamond – Turner Valley Intermunicipal Economic Development Strategy Page 1 vibrancy along main streets, gateways and strategic locations. By capitalizing on investments in the downtown, businesses can also contribute to an enhanced tourism offering that appeals to residents and visitors to Black Diamond and Turner Valley. The strategic goals within the Intermunicipal Economic Development Strategy are comprised of objectives and actions that outline how the communities can achieve these goals and build a prosperous and sustainable rural economy. Black Diamond – Turner Valley Intermunicipal Economic Development Strategy Page 2 1. Introduction The Town of Black Diamond and the Town of Turner Valley have a long history of cooperation and have long understood the value of partnering on projects of strategic importance. With just three kilometres separating the two municipalities and a population base that shares many of the available amenities and services, transportation network and recreation opportunities, the future of both towns have always been closely intertwined. The towns also share many natural features such as the Sheep River, proximity to Kananaskis County and being surrounded by Foothills County. With so many factors connecting Black Diamond and Turner Valley, it is evident that the towns have much to gain by working cooperatively on areas of mutual importance. A strategic partnership between Black Diamond and Turner Valley was formalized in a Friendship Agreement - adopted by both councils in 2012. The Friendship Agreement outlines how the two towns would work collaboratively on areas of municipal administration, project implementation and joint services across the municipal service areas. This spirit of cooperation is also evident in the numerous joint planning initiatives undertaken by both towns over the past number of years including the Joint Growth Strategy (2016) and the Amalgamation Feasibility Study (2017). In economic development, both communities have always maintained a positive relationship and routinely work together to plan and implement joint marketing strategies such as Cool Little Towns, event planning, and business development training sessions. However, with limited resources, a small business base and disparate policy and planning processes, the ability of the towns to effectively market and ready themselves for investment is challenging. Through the development of an Intermunicipal Economic Development Committee and the commissioning of an Intermunicipal Economic Development Strategy Project, Black Diamond and Turner Valley have formalized their mutual desire to work together to achieve the vision of increased prosperity for both communities and the region. The Intermunicipal Economic Development Strategy provides a framework and recommendations for the two communities to move forward in a coordinated manner. With an invigorated committee of staff, volunteers and Council representation, economic development efforts in Black Diamond and Turner Valley is better positioned to capitalize
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