Economic Development News

Posted: November 4, 2011

In order to attract new business ventures into Penticton the community must be Investment ready.  Investment readiness means capitalizing on our community’s resources – its land, people, unique characteristics and planning system – and communicating these strengths effectively. Typically investors request information on:

  • existing infrastructure, plans for development, and projected capital allocations
  • regulatory and environmental compliance requirements
  • competitive transportation opportunities and alternatives
  • “ready-to-go”, pre-screened, serviced and adequately zoned sites
  • human resources, and workforce development delivery system
  • ready access to key suppliers and support services

As an organization Penticton Economic Development Services provides the support mechanism to assist investors in making informed decisions. The bottom line is that there is one number that has to make sense on the balance sheet and that is the return on investment (ROI).

Our community profile is Penticton’s calling card. It provides potential investors with insight into the quality of life enjoyed by the people who live and work in our community. Over the course of the past few years our organization has developed a comprehensive community profile that combines data with qualitative and quantitative information and presents a compelling set of arguments for locating in Penticton.  A key note here is comprehensive and while we provide a wide variety of information we also have to tailor our site location packages to the needs of the investor.  These one offs form the basis of many decisions that attracts investment and promotes our community in the best light.

 

Over the course of the past few years we have become more sophisticated in developing these tools and working with the Planning staff at City Hall we have assisted planning in simplifying things to expedite process and procedure to meet the needs of investors.  We have been innovative in introducing new programs that have been noticed in the development community locally and provincially and this is why we are seeing an upsurge of interest and development.

 

The Planning staff at the City of Penticton should be congratulated for taking the necessary steps to review and make things simpler for developers but more work is required.  This group is proactive and is improving the investment climate in our community. Economic Development does not happen by chance and working collectively we will attract new opportunities to our community. Collectively means that we all have a role in promoting our community from our local business to our citizens to the professionals that all have the best interests of the community in mind.

 

Investors want simple, easy to understand planning documents that are clearly understood and these documents must be flexible so that they can support our clients to develop projects that contribute to our local economy. We are on the right track but it should be noted that development itself is a long-term process the work that you are now seeing on the ground today began two years ago. While 2011 was a slow year in construction 2012 is starting to look very positive especially in commercial construction. This means jobs and tax dollars to support the services we all enjoy and the infrastructure investment made in our community in the past few years.

Watch for more information on Penticton Economic Development Services and check out our website www.imaginepenticton.ca for more local business announcements.

 

David Arsenault MBA is Penticton’s Economic Development Officer and a former college professor with Okanagan College. If you have good news stories related to business in Penticton contact 250-493-3323 or email ** SPAM PROTECTION: JavaScript Required to see email address - If you have questions email: info @ imaginepenticton.ca (just delete the spaces). **

Questions? Contact Penticton Economic Development

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