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Home My WebLink AboutCAO-08-013 - Urban Development AgreementsILREPORT Report To: Finance and Corporate Services Date of Meeting: May 26, 2008 Submitted By: Rod Regier, Executive Director, Economic Development Prepared By: Cory Bluhm, Urban Investment Advisor Ward(s) Involved: All Date • Report: May 21, 2008 Report No.: CAO-08-013 Subject: Urban Development Agreements RECOMMENDATION: That Council authorize Economic Development staff to engage in discussions with the Regional, Provincial and national levels of government regarding the potential application of the Urban Development Agreement model to help coordinate the efforts of all stakeholders to accelerate the reurbanization and economic development process in Downtown Kitchener. 1014 Urban development agreements challenge stakeholders to think more strategically and collectively about urban intensification. They harness the energy and funding available at various levels of government towards common projects and objects that act as catalysts for investment and change. Today, Kitchener is pursuing an aggressive economic development strategy, bolstered by its Economic Development Investment Fund. This strategy will lead to reurbanization, increased urban vitality, and improve our ability to compete in global markets for talent and investment. Already results are being seen in new residential and commercial investment. A key principle of this strategy is building partnerships. Although Kitchener's approach to reurbanization is well aligned with Regional and Provincial policies, programs and growth plans, support by senior levels of government for Kitchener's process is some what ad hoc. Negotiation of an Urban Development Agreement among all levels of government would help harness resources to advance the City's strategy and strengthen its ability to achieve the public policy objectives of sustainability, economic and community development. In Western Canada, cities have used urban development agreements to attract and focus provincial and federal investment in their economic development and reurbanization strategies. Winnipeg, for example, has invested $300 million in local, provincial and federal funding in its Core Area Initiative, This has leveraged $240 million in additional private sector investment and $360 million in public sector investment. For further insight on the role of an urban development agreement, examples of existing agreements, and potential areas of application, see the attached discussion paper. Suggested next steps include 1) explore and engage potential partners; 2) gather interested potential partners; and, 3) determine possibilities for urban development agreements. FINANCIAL IMPLICATIONS: 10 • Although urban development agreements are new to Ontario, they have the potential to improve the ability of the City, Region, Province and Federal governments to achieve mutually agreed on public policy objectives. Discussions on if and how this instrument could be applied in the City of Kitchener are warranted at this time. Cory Bluhm MCIP RPP Rod Regier Urb F, M = ST22 Trom Urban Development Agreements Discussion Paper, 2008 L 23 - c A c 'I If C eool� 7 7�. UP :rl.r "k L 7N, - p j I Y 41L I • P k A ef 4 L jr 'I L A + T err. - 7 L 4 t 3 Lk 'k% N., T >611 36 N, 'J6 7, .3� Nk r FF. r. W7 4j k 2 T dp % k L rp -F T- - 41 J_L T_ fL 7�. 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