Invest North Bay Development Corporation
The creation of the Invest North Bay Development Corporation (DC) is permitted under the Municipal Act which gives local municipalities the powers to establish a range of corporations. This corporation will give the City of North Bay greater ability and flexibility in addressing and responding to the business and development needs of the community.
The Development Corporation provides a more businesslike model for the management of current and future City economic development initiatives. In a highly competitive environment the corporation will utilize local expertise and a corporate structure that will provide for quick responses to investment and growth opportunities.
The startup phase of the corporation will focus on areas of immediate economic and community growth and business development. The intent is for the corporation to evolve into a vehicle to assist in managing strategic economic assets and resources of the City in order to capture their full potential as well as facilitate long term economic growth and sustainability. This model may include the establishment of specific subsidiary corporations.
The DC will provide an innovative oversight of development activities; will be readily connected to the business world and able to quickly modify approaches to leverage assets and opportunities.
The Development Corporation will work with the City, investors and private sector partners as appropriate to maximize the value of current and future City owned assets with the focus of growing and developing the City. The DC will act as a catalyst for operational excellence as well as advice, inform and make recommendations to the City, as owner, on matters and opportunities pertaining to the operations of the DC and affiliated subsidiaries.
The mandate of the DC also includes the creation of an environment that supports long term economic and community growth. Develop a community advocacy strategy and build an adoptive environment for municipal innovation and making North Bay an attractive place to invest and do business
City of North Bay objectives of establishing the Invest North Bay Development Corporation:
- Engage community business leaders.
- Develop and confirm a strategic framework and business plan.
- Identify new business growth opportunities, trends and high potential leads.
- Identify, create and leverage relationships with community, private sector and government partners that will foster creative funding and financing resources to deliver key economic and social benefits.
- Pursuit of investors to stimulate the development of the City.
- Develop internal reporting structure that is responsive to business and community challenges.
- Assist with the growth and expansion of local businesses.
- Identify and attract new investment and businesses.
- Develop relationships and partnerships to develop services and grow the City.
- Provide a corporate structure to which City assets may be transferred, developed and leveraged.
- Establish public /private strategic partnerships where appropriate.
- Primary face of municipal economic development initiatives.
In establishing the Development Corporation the following guiding principles will be used in managing the relationship between the Corporation and the City as well as the operations of the Corporation.
- Strong collaboration and communication.
- While working in a business environment, and at arms-length to the City, the Corporation will articulate transparency, accountability and responsibility.
- The Corporation’s long and short term strategic objectives should be aligned and complementary to those of the City.
- Utilizing community assets to contribute to the building of community capacity, community pride and overall community well-being should be key drivers to the Corporations’ decision making.
- Responsive to business challenges and to the City’s directives.
For more information visit the Invest North Bay Website.