Economic Development Strategy and Capital Budget Strategy (Phase 2 of the Town Dock Project)
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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.
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.
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Economic development leaders gather to strategize future of Town Dock
August 5, 2022 - Penetanguishene, ON
The Town Dock is Penetanguishene’s crown jewel, and its future lies in the hands of the community. That was the key take away from a workshop of local government, community and regional leaders to kick off an economic development strategy process. The economic development strategy and capital budget strategy represents phase 2 of the Town Dock Secondary Plan and Master Plan project and will conceptualize the Town Dock as a catalyst for economic development in Penetanguishene.
The leadership workshop was facilitated by Factor 5, an award-winning social enterprise co-creating strong communities through excellence in economic development. The group consisted of the members of the Technical Advisory Committee, consisting of staff, residents and members of Council, along with staff from partners at the Economic Development Corporation North Simcoe and the County of Simcoe.
The session covered a wide range of approaches to economic development, drawing on teachings from Universities of Waterloo, Calgary, Simon Fraser and Cape Breton.
“There are many schools of thought when it comes to economic development. What we are looking to develop is a truly unique approach for Penetanguishene that is clear, well informed, and effective at fostering collaboration in the community” said Factor 5 CEO Eric Burton.
The session followed a tour of the town dock lands and preliminary discussion with the owners of the Dock Lunch about the past, present, and opportunities for the future.
“The Town has been engaged in a revitalization project for the Town Dock through a Secondary Plan and Master Plan. A recommendation stemming from this work is to consider how best to animate and activate the space in all seasons and for all ages. Staff are excited to hear from residents on how this space can support a successful community for visitors, downtown businesses, and users of the Town Dock” said Andrea Betty, Director of Planning and Community Development.
The next step is to gather input from the public to determine how redevelopment of the Town Dock lands can catalyze economic prosperity in the community. To do so, the Town is launching a short public survey that will be available online and at the Town office from August 26 until September 30. The results of the survey will shape the next strategic planning workshop in the fall.
Economic Development Strategy and Capital Budget Strategy (Phase 2 of the Town Dock Project) is currently at this stage
This consultation is open for contributions.
Under Review
this is an upcoming stage for Economic Development Strategy and Capital Budget Strategy (Phase 2 of the Town Dock Project)
Contributions to this consultation are closed for evaluation and review. The project team will report back on key outcomes.
Final report
this is an upcoming stage for Economic Development Strategy and Capital Budget Strategy (Phase 2 of the Town Dock Project)
The final outcomes of the consultation are documented here. This may include a summary of all contributions collected as well as recommendations for future action.
