62.1.   There will be prepared an Economic Development Plan which will be reviewed and updated annually and which will which will identify the objectives, activities and expected outcomes for the economic development efforts of the Town. The Plan will focus on

a.  expanding existing businesses as well as attracting new businesses

b.  redeveloping existing properties and lands for commercial and industrial purposes in addition to developing new land

c.  businesses that take advantage of transportation infrastructure (including highways and railway)

d.  developing activities and opportunities that build on the presence and strength of the agricultural research facilities

e.  improving availability of services or products for which residents presently leave the community  

62.2.  An Economic Development Board will  

a.  continue to provide a liaison between the community and Council in attracting new business and providing an environment for all businesses to grow and succeed so that the community thrives and 

b.  guide the economic development efforts of the Town as established in the Strategic Directions and Planning Framework   

62.3.  The Town will continue to participate in the Central Alberta Economic Partnership (CAEP) but will ensure that the process for soliciting, tracking and assigning business leads is well understood and reflects the needs of the Town.   

62.4.  Two thirds of the time and resources available to economic development will be directed toward industrial development and the remaining time toward commercial development.  

62.5.  Prior to investing significant additional time and resources on pursuing economic prospects with Jingzhou, China, Council will quantify the expected benefits to the Town, and determine how much time will need to be spent to achieve these benefits.   

62.6.  The Town will initially facilitate the development of an independent downtown business organization the purpose of which organization would be to ensure the continuing vitality of the downtown area  

62.7.  The Town will not provide general funding for the operation of the downtown business organization but may agree to using taxing powers to raise a portion of operating revenues.  

62.8.  The Town will continue to support the efforts of the Regional Tourism Initiative and will provide the funding identified in the 2003 Marketing Plan.