Community Economic Development

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What is Economic Development?

Economic development means supporting existing businesses, and attracting appropriate businesses to the community, to encourage the creation of jobs and employment opportunities, which foster and improve a strong, diversified economy for the future.


Teresa Mullen
Executive Director

Partners in Economic Development

  Town of Canmore
  Tourism Canmore
  The Biosphere Institute
  BOWDA
   Mountain Arts Foundation
  Canmore Community Housing Corporation
  Downtown Canmore Business Revitalization Zone (BRZ)
 

Associate Membership
 Canmore Business Registry

Mandate

Advise

The Canmore Economic Development Authority will provide guidance and direction for building a strong, vibrant and diversified local economy and business base that is resilient to changes in any one sector based on consultation with government, business, industry and the community.

The Canmore Economic Development Authority will advise the Town of Canmore on policies that impact the economy as outlined in Canmore’s vision for a sustainable economy.

Implement

The Canmore Economic Development Authority will coordinate the implementation, deliverables & measurable results of a sustainable economic development and tourism strategy, approved by the Town of Canmore in collaboration with government, community, business and industry organizations involved in economic development for Canmore.

Accountable

The Canmore Economic Development Authority will be accountable to the Town of Canmore as well as the Members of the Canmore Business Registry who CEDA represents.  The Canmore Economic Development Authority will be accountable for coordinating the delivery of the community economic development & tourism strategies.  

Operating Principles

CEDA policy and direction is consistent with all Town of Canmore’s statutory and guiding documents, and community vision for a sustainable, vibrant economy. 

CEDA’s guiding document will be the community’s economic development & tourism strategy.

CEDA works with members of the Canmore Business Registry, industry and business to develop an understanding and communicate economic impacts of decisions and policies that affect a sustainable, vibrant economy for Canmore.

CEDA is authorized but not owned by Town of Canmore.  The Town of Canmore approves a community economic development strategy outlining long-term goals for CEDA.  The Town approves an annual operating plan and budget developed by the Board of Directors, in consultation with CEDA members.  The Town of Canmore controls the disposition of assets should CEDA cease to operate.

2010 Tourism & Economic Development Strategy SUMMARY

Strategic Priority #1: Tourism and Events

Enhance tourism and events as a sustainable, environmentally responsible economic driver for Canmore, increasing visitation and economic impact by 10% ($13 million) equivalent to 2% per year by 2015.

  • Develop a collaborative formula for funding tourism marketing in Canmore.
  • Establish a regional transportation system connecting Banff-Canmore-Lake Louise and attractions.  Ultimately link into Calgary.
  • Events – enhance current events and expand events year-round.
  • Vibrant Downtown – Downtown is the attraction and connector for visitors and locals
  • Expand tourism & recreation product base by identifying strengths, gaps and opportunities and actively targeting to attract new products & investment
  • Develop service excellence in the community
  • Establish & achieve standards for environmental excellence in tourism
  • Monitor & measure results

Strategic Priority #2: Health and Wellness

Health and Wellness becomes a defined, recognized, and integrated sector of the Canmore economy, and grows in employment and income by 3-5% by 2015.

  • Develop the supports & tools required to market and connect the wellness sector.
  • Develop an industry association that can assume responsibility for the supports and promotional tools.
  • Develop a coordinated approach in the community to promote Canmore as a destination for healthy living and the active pursuit of wellbeing.
  • Identify strengths, gaps & opportunities and actively target to attract new product & services.
  • Monitor & measure results

Strategic Priority #3: Non-Permanent Residents

Non-permanent residents are engaged as an important economic driver in our community.

  • Establish a detailed understanding of the demand characteristics, dynamics of the non-permanent residents through market research and surveys.
  • Increase non-permanent resident’s use of their properties by working with the development, real estate, property management and home service sectors to identify mechanisms to reach out and connect with non-permanent residents to increase their satisfaction and desire to connect and participate in community.
  • Identify expertise and resources (knowledge, skills, experience) within non-permanent residents that may be engaged to further the economic and community goals   ex:  volunteers, knowledge base, external connections.

Strategic Priority #4: Knowledge-Based and Arts Sector Specialists

Harness and mine our complement of knowledge-based specialists and leverage their expertise and magnetism to build sustainable groups of practice which support our economic development drivers.

  • Identify the assets and supports required to maintain and grow these sectors by conducting a survey to identify opportunities, clusters, niche expertise, need & demand characteristics of workers and businesses in the knowledge-based, creative and artistic sectors.
  • Develop and implement an action plan to grow the opportunities identified

Strategic Priority #5: Small/Home-based Businesses

Harness and mine our complement of small/home-based specialists and leverage their expertise to build sustainable groups of practice which support our economic development drivers.

  • Conduct a survey (possibly in conjunction with #4) to identify significant clusters, needs, barriers and opportunities to growth.
  • Develop supports, policies, to grow opportunities.
  • Benchmark and monitor results

 Strategic Priority #6: Economic Development and Tourism Capacity

The capacity of Canmore partners to plan and deliver efficient and effective economic development and tourism strategies, achieving or exceeding planned and measurable outcomes, is in place and functioning well by December 2011.

  • Review and organize the way economic development and tourism strategies are implemented in the community to increase coordination and maximize efficiencies  in the community.  Partners in delivery include but are not limited to:

·         TOC – Town of Canmore;

·         TCK – Tourism Canmore Kananaskis;

·         DMF – Destination Marketing Fund

·         CHLA – Canmore Hotel and Lodging Association

·         CEDA – Canmore Economic Development Authority;

·         BOWDA – Bow Valley Developers Association;

·         BRZ – Canmore Business Revitalization Zone;

·         CNC – Canmore Nordic Centre; and

·         HCA – Healthy Canmore Association.

  • Monitor, review and report on goals regularly.  Modify plans if necessary if goals are not being met.  Detailed strategies and actions will need to be tailored to the circumstances in place when the activity is undertaken
  • Establish regional stakeholder relationships with Banff, MD of Bighorn, Kananaskis Country, Bow Valley and Calgary
  • Establish consistent community communications, marketing and brand identity

Strategic Priority #7:  Infrastructure Development

The necessary high quality infrastructure to support sustainable economic development and tourism is in place by 2015 and beyond.

  • Town and industry policies and infrastructure plans are examined and established with sustainable economic development and tourism goals in mind.  i.e.: Housing,  Recreation, Land-Use, Environmental Sustainability, Transportation, Natural Assets, Design, Development Rates & Mix.

Click Here to Download 2010 Sustainable Tourism & Economic Development Strategy

The greatest risk to our future is to do nothing. Evidence of what happens to places who do not invest in their quality of life is clear, a downward spiral of disinvestment, that ultimately degrades the performance of the region.   As stewards of such incredible wealth, opportunity and natural resources, we must accept responsibility for its sustained health, prosperity and quality of life.

 
CEDA’s role continues to work in partnership in the community to coordinate and facilitate meaningful economic development. Our partnership organizations and members of CEDA are:

  Town of Canmore
  Tourism Canmore
  The Biosphere Institute
  BOWDA
   Mountain Arts Foundation
  Canmore Community Housing Corporation
  Downtown Canmore Business Revitalization Zone (BRZ)
 

Associate Membership
 Canmore Business Registry

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