Make it Kitchener 2.0: Economic Recovery & Growth Strategy

[Brenden]

The City of Kitchener today announced its plan to support economic recovery and growth. 

Make it Kitchener 2.0 Proposal

The plan that will be going to council next week, calls for a $110 million dollar investment over the next 10 years in 5 key areas.

• Health Innovation
  
• Creative Industries
  
• A City-Wide Startup Network
  
• Affordable and Attainable Housing
  
• A Vibrant, Active City
  

The plan will be funded over the next 10 years without an increase in taxes. With $10m coming from the Economic Development Reserve, $20m in debt, and $80m from the sale of city-owned land. The city says they will strategically evaluate selling land, and work with developers to create a master plan for the property and ensure that their bidding process for the land is competitive and open to all. 

The $110m will be spent on these key areas.

• $5m to support economic recovery. This funding would be immediate and aimed at programs to support businesses adapting and recovering from the pandemic.
  
• $10m for Health Innovation. A new facility for heal & med-tech innovation and a new urban business park.
  

• $15m for Creative Industries. Focus on industry and educational partnerships and creating space for entrepreneurs.
  
• $7.5m for a City-Wide Startup Network. Creating city-owned and commercial spaces for entrepreneurs. A hub for supporting business tackling the U.N. sustainability development goals
  
• $15m for Affordable and Attainable Housing. Mixed-income communities, mixed-use housing. 
  
• $7.5m for  Vibrant, Active City. Create a new platform to bring "difference-makers" together