Project will address gaps in infrastructure, economic policy, and more
COURTENAY, 6 December 2023 – The Town of Comox is preparing a new economic development plan that will help address gaps in infrastructure, economic policy, and development application processes through a project investment from Island Coastal Economic Trust’s Investment Readiness Program.
The strategy will enhance the Town’s commitment to economic resilience by including comprehensive, high-level, foundation-building insights and information that supports later-stage big project and program elements. The Town has identified the need to redefine its last economic development plan, focusing on key sectors such as air and marine transportation, food and beverage, tech, tourism, arts, culture, and events.
“Our new economic development plan, supported by the Island Coastal Economic Trust’s Investment Readiness Program, highlights a shared commitment to fostering resilience, innovation, and inclusivity for our community,” says Comox Mayor Nicole Minions. “By focusing on strategic sectors such as air and marine transportation, tourism, and the vitality of our downtown, we aim to redefine our economic landscape in a sustainable way. Together with our valued partners, we are inspired to seek out new possibilities, attract new investments, create employment opportunities, and lay a robust foundation for a thriving future together in Comox.”
The economic development plan will encompass both short-term (2-3 years) and longer-term strategies, emphasizing core opportunities that boost investment attraction, employment lands infrastructure, and new commercial industrial growth. A short-term, tactical implementation plan will be created along with economic development shovel-ready investment infrastructure scoping will further solidify the Town’s position for future development phases.
“We are excited to start this project, which aligns so well with the Town’s own commitment to fostering economic vibrancy, infrastructure improvements, and an inclusive approach to ensure future business support services, investment attraction, and workforce and resident retention,” says Jordan Wall, Chief Administrative Officer, Town of Comox. “It’s vital that we have a strong and clear sustainable economic and investment strategy with an aligned vision that enhances and strengthens our Town’s economic vibrancy.”
The project will engage a consultant to guide the Town through the process of developing a comprehensive economic development strategic plan. This process will focus on key sectors, such as air and marine transportation, food and beverage, tech and tourism, as well as an assessment of employment industrial lands that surround Comox Valley airport.
“This initiative will provide us with clear, action-based tactical initiatives, and improved requirements, including increased understanding of investment attraction, business retention, site selection, and community profile data that is critical for successful economic development implementation at the municipal level,” says Jordan.
“We are honoured to partner with the Town again on a new economic development strategy,” says Aaron Stone, Chair, Island Coastal Economic Trust. “This targeted investment will go a long way towards job creation, increased revenue opportunities, and heightened economic activity in the region.”
The Town of Comox Economic Development Strategy is supported through the Investment Readiness Program. The Trust will contribute $30,000 to a total project budget of $160,000.
Founded by the Province of British Columbia in 2006, the Island Coastal Economic Trust works to build a sustainable and resilient coastal economy in reciprocal relationships with First Nations, municipalities, and regional districts across Vancouver Island, the Sunshine Coast, and islands and inlets from the Salish Sea to Cape Caution. Serving over half a million residents, we partner with communities in the development and financing of their economic infrastructure and diversification efforts through our unique structure that is led by, and accountable to, communities.
Since our inception, Island Coastal Economic Trust has approved more than $59 million to economic development initiatives that have attracted over $323 million in new investment to our region. These investments have created over 2,910 permanent jobs, and countless positive impacts, across the coast.
Island Coastal Economic Trust acknowledges that we work for communities across the ancestral and unceded territories of the Kwak̓wala, Nuučaan̓uɫ, Éy7á7juuthem, Ligwilda’xw, Pəntl’áč, She shashishalhem, Sḵwx̱wú7mesh, Hul’q’umi’num’, diitiidʔaatx̣, SENĆOŦEN, Lekwungen, and T’Sou-ke speaking peoples.
Island Coastal Economic Trust
Chief Administrative Officer
Town of Comox