St. Albert is jumping on board a regional marketing initiative being pushed by Edmonton Mayor Stephen Mandel.
According to St. Albert Mayor Nolan Crouse, Mandel has approached St. Albert, Leduc, Spruce Grove and Strathcona County, looking to organize a joint effort aimed at attracting venture capital to the region.
The five municipalities actually began working under the name Regional Economic Development Committee in the fall of 2009. Preliminary meetings identified four sectors on which to focus its growth efforts: agri-food, medical devices, clean technology and information technology.
According to a report compiled in July, the goal is to secure $500 million in investment in 60 to 80 regional companies within five years.
Crouse thinks the idea has the potential to bring non-residential development to St. Albert.
“What we’ve got to do is make sure that the industry that this might attract knows that the Capital region is an option and then we would hope that we’d get our fair share of that,” he said.
“Either someone wants to bring their head office here or do manufacturing in St. Albert … start up a company, those kinds of things.”
Edmonton has earmarked $865,000 from its 2011 budget for the effort but there’s been no formula worked out for how much other municipalities will contribute, Crouse said.
On Monday he sought and received council approval to take $40,000 from the stabilization reserve to put toward the effort.
“Just looking at the numbers, it looks like a very good deal for St. Albert, proportionally,” said Coun. Cam MacKay. “I’m never one to believe that a lot of money coming out of government will end up creating jobs but in this case I’m certainly willing to take a look.”
Crouse isn’t sure if the group will hire a co-ordinator or work through their economic development offices. The various mayors are expected to meet in the new year to further develop the initiative, he said.
The Gazette attempted to arrange an interview with Mandel but he was unavailable.
