HomeMy WebLinkAboutCAO-05-043 - 2006 Grant Request - Canada's Technology Triangle (CTT)
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KcTCHENER
Chief Administrator's
Office
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Report To:
Date of Meeting:
Submitted By:
Prepared By:
Ward(s) Involved:
Date of Report:
Report No.:
Subject:
Finance and Corporate Services
November 28, 2005
Rod Regier, Executive Director Economic Development
Kathy Weiss, Manager Business Development
All Wards
November 15, 2005
CAO-05-043
2006 Grant Request - Canada's Technology Triangle (CTT)
RECOMMENDATION:
That the City of Kitchener supports the 2006 funding request of Canada's Technology Triangle
in the amount of $134,000,
And further;
That Canada's Technology Triangle continue to work with the Department of Economic
Development to ensure that it's investment strategy is effectively targeted in part to support the
investment strategy of the City of Kitchener as well as the other municipalities of Cambridge and
Waterloo,
And further;
That an evaluation of CTT's investment strategy be undertaken prior to submission of it's 2007
funding request.
BACKGROUND:
Canada's Technology Triangle (CTT) is a partnership of the municipalities of Cambridge,
Kitchener, Waterloo and the Region of Waterloo, committed to encouraging economic
development within the region of Waterloo with an emphasis on external marketing, business
investment attraction, information research; facilitation and establishment of partnership
business unites and special projects.
CTT's mandate is to attract companies, individuals and capital to the Region of Waterloo by
a) Marketing to an "external audience" including Canada and selected international locations; b)
Identifying and addressing impediments to economic development within the region.
REPORT:
Staff has been working with CTT to ensure its efforts to attract investment in the region are
aligned, in part, with those of the City of Kitchener. The City's priorities in emerging clusters are
focused on the development of an Education and Knowledge Creation Cluster, the role of the
UW School of Pharmacy as a catalyst for the development of a Biotechnology and
Pharmaceutical Cluster, and the development of an Arts and Culture Cluster both as an
economic cluster in its own right as well as a factor in attracting and retaining talent in the
region. The City and CTT have discussed the need to ensure that the City's downtown and
Brownfield/Adaptive Re-use strategies are incorporated into CTT's 2006 Business Plan. The
City's economy also has a strong and competitive manufacturing cluster. Investment in
manufacturing, and particularly transportation equipment, is a strategic thrust of the CTT
business plan. City staff is also working closely with CTT to ensure that promotional activities
and marketing materials are closely aligned with the investment and communications strategies
of the City of Kitchener.
In August 2002, the City of Kitchener and the funding municipalities committed to three year
rolling funding beginning 2003. The formula is as follows:
City of Cambridge
City of Kitchener
City of Waterloo
Region of Waterloo
$134,000
$134,000
$134,000
$802,000
The 2006 funding request is being maintained at the 2003-2005 levels - as noted above.
FINANCIAL IMPLICATIONS:
An expense of $134,000
COMMUNICATIONS:
N/A
Kathy Weiss
Manager Business Development
Rod Regier
Executive Director, Econ. Dev.