Economic Development Strategy and Capital Budget Strategy (Phase 2 of the Town Dock Project)

As the Town moves ahead with the revitalization of the Town Dock lands, the Secondary Plan and Master Plan identifies critical tools, projects, studies and actions the Town shall undertake to implement the plan. Two components that are recommended are an Economic Development Strategy and a Capital Budget Strategy, which are described in detail below.

Economic Development Strategy

The Economic Development Strategy will establish a foundation for successful implementation of the Master Plan by establishing goals for each Phase of the redevelopment, ranging from temporary pop-up events to establishing long-term commercial partnerships. The Economic Development Strategy will also identify funding opportunities such as County and Provincial grants, particularly related to innovative development and tourism.

Municipal Capital Development Strategy

Based on the Phasing Plan the Town should prepare a Strategy for Municipal Capital Development. The Strategy should consider the following:

• Estimated costs associated with capital improvements

• How the existing budget for infrastructure works can be modified to implement the changes recommended for the Town Dock; and

• Expected timing of capital improvements and full build-out of the Town Dock.

The Town may revise the Strategy during each Phase of development based on monitoring and evaluation and available fund strategy will be prepared for the purpose of budgeting for the implementation of this Plan. The strategy will include an outline of plans, studies and capital projects to be completed in the short, medium and long term and cost estimates for each of these projects.