Town of Iroquois Falls Economic Development Strategic Plan Prepared by in partnership with June 28, 2017 This project is funded by the Governments of Canada and Ontario. Ce projet est finance par les governements du Canada et Ontario. Town of Iroquois Falls – Economic Development Strategic Plan Table of Contents Executive Summary ............................................................................................................... 1 1. Introduction and Context ................................................................................................ 5 2. Approach ........................................................................................................................ 6 Phase 1 – Situational Analysis ............................................................................................................... 6 Phase 2 – Stakeholder Consultation ...................................................................................................... 6 Phase 3 – Building the Strategic Plan .................................................................................................... 6 3. Report Organization ........................................................................................................ 7 4. What the Numbers Say.................................................................................................... 7 5. SWOT Analysis Key Findings ............................................................................................ 9 6. Economic Development Strategy .................................................................................... 13 6.1 Vision ............................................................................................................................................ 13 6.2 Mission .......................................................................................................................................... 13 6.3 Guiding Principles ......................................................................................................................... 13 6.4 Strategy – the ‘Big Picture’ ........................................................................................................... 13 6.5 Goals, Objectives, Actions, and Implementation Plan .................................................................. 14 6.5.1 Goal: Strengthen Municipal Economic Development Capacity .................................................. 14 6.5.2 Goal: Support Redeveloping the Former Paper Mill Site ............................................................... 17 6.5.3 Goal: Maximize Investment Readiness ................................................................................................... 19 6.5.4 Goal: Increase Usage of Airport ................................................................................................................. 22 6.5.5 Goal: Support and Foster Growth in the Agricultural Sector ...................................................... 24 6.5.6 Goal: Support and Advance the Tourism Sector ................................................................................ 28 6.5.7 Goal: Assess and Act on Opportunities in Other Sectors ................................................................ 31 6.5.8 Goal: Business Retention and Expansion .............................................................................................. 32 6.5.9 Goal: Encourage and Promote Entrepreneurship ............................................................................ 34 6.5.10 Goal: Attract, Retain, Increase Population/Labour Force ............................................................. 35 6.5.11 Goal: Enhance Regional, Provincial and Federal Partnerships ................................................... 38 7. Performance Measurement Overview ............................................................................ 40 Appendix Demographic and Labour Force Analysis Economic Base Analysis Stakeholder Consultation and Community Survey Results Detailed SWOT Analysis i Town of Iroquois Falls – Economic Development Strategic Plan Executive Summary The Town of Iroquois Falls engaged EDP Consulting and its partner for this study, Precision Management, to prepare an Economic Development Strategic Plan for the community. The preparation of a new Economic Development Strategic Plan was timely given that the last strategic plan was prepared in 2000 and substantial changes have occurred in the community since that time. Most significantly, Iroquois Falls lost its major employer in December 2014 when the Resolute Forest Products paper mill closed. The study took place between January and June of 2017, and involved extensive background analyses including demographic and labour force analysis, and economic base analysis; stakeholder consultation consisting of 70 interviews and an on-line community survey with 41 individuals participating; a detailed assessment of strengths, weaknesses, opportunities, and threats (SWOT Analysis); and development of an Economic Development Strategic Plan. The main elements of the Economic Development Strategic Plan are shown below. Exhibit 1: Overview of Economic Development Strategic Plan TOWN of IROQUOIS FALLS Innovative. Diverse. Welcoming. “Iroquois Falls is a welcoming and progressive community with a Vision diversified economy that embraces change, innovation, prosperity, and balanced healthy lifestyle.” “Iroquois Falls will welcome economic growth by providing a supportive Mission environment, fostering diversified creative economic activity in collaboration with community and regional partners.” Strengthen economic Support redeveloping Maximize investment development capacity the former paper mill site readiness Increase usage Support/foster growth Support and advance of airport in agricultural sector the tourism sector Goals Assess and act on Business retention Encourage and promote opportunities in and expansion entrepreneurship other sectors Attract, retain, and increase Enhance regional, provincial, population and labour force and federal partnerships 1 Town of Iroquois Falls – Economic Development Strategic Plan The overall strategy is to build Iroquois Falls’ economy and grow its population base by increasing its economic development capacity through creating an economic development officer position and supporting economic development committee; by addressing investment readiness and attraction deficiencies; by supporting future growth prospects in strategic properties and sectors (former paper mill site redevelopment, increased airport use, fostering opportunities in ‘traded sectors’ and potential growth sectors such as tourism and agriculture; and proactively pursuing other opportunities that arise); and by supporting existing businesses and talent with programs and information; while also creating a quality of place that will attract future residents, businesses, and tourists to Iroquois Falls. An overview of the rationale for the economic development goals follows. Strengthen Municipal Economic Development Capacity. Municipal economic development is a long-term investment in improving a community’s economy through policies and initiatives that support business and job growth, sector diversification, quality of place improvements, and increase the municipal tax base. Council currently lacks such a staff member or any other guiding body to help with economic development decisions. This puts Iroquois Falls at a competitive disadvantage compared to many other municipalities in Northeastern Ontario. Given the loss of Iroquois Falls’ major employer in 2014 and the development of this new Economic Development Strategic Plan, it is now timely to increase the economic development capacity at the Town through an Economic Development Committee, Economic Development Officer on staff and working more closely with the Iroquois Falls and District Chamber of Commerce. Support Redeveloping the Former Paper Mill Site: For over 100 years, the community of Iroquois Falls was supported by a pulp and paper company at the former paper mill site. It is now over two years since the Resolute Forest Products company closed its operations and left behind the valuable assets of land, buildings, rail service, Trestle bridge, and an abundant source of water. The site is currently owned and managed by Riversedge Developments, a restorative development company specializing in integrated revitalization of distressed industrial properties. It is in the Town’s best interests to actively work alongside the company to ensure the site is developed in a timely manner that best suits the Town, and results in the greatest economic benefits for Iroquois Falls as a whole. This strategic plan includes objectives for working closely with the representatives of the former paper mill site to identify potential business opportunities for the site and assist in attracting and supporting new businesses. Maximize Investment Readiness: There is significant competition for inward investment across communities in Northeastern Ontario and elsewhere. To increase the community’s competitiveness in attracting and retaining investment, it is critical that gaps in investment readiness in Iroquois Falls are identified and thoroughly addressed. Lack of investment readiness results in lost opportunities. Other communities are increasing their investment readiness, so to be competitive, Iroquois Falls must be equally prepared and responsive to retain and attract new investment. To meet this goal, it will