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Exponential ask from Invest North Bay

A letter sent on behalf of the Board of Directors of Invest North Bay Development Corporation requests $10 million from North Bay City Council.

The funding would be allocated over four years and, according to the letter from Invest North Bay President George Burton, would be used by the economic development corporation “to finalize new investments in the City consistent with its mission and mandate.”

According to the Invest North Bay website, the mandate of the corporation “includes the creation of an environment that supports long-term economic and community growth. This includes developing a community advocacy strategy, building an adoptive environment for municipal innovation, and making North Bay an attractive place to invest and do business.”

The annual $2.5 million would go toward Invest North Bay having “access to capital significant enough to make a positive impact on investment decisions in North Bay’s favour,” writes Burton in the letter addressed to City of North Bay interim CAO David Euler and CFO Margaret Karpenko, and dated January 14.

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In addition to the initial agreement for $140,000 in annual funding, in May 2017, Invest North Bay received $1 million from City Council, ostensibly to work towards the stated objective to “work with the City, investors and private sector partners, as appropriate, to maximize the value of current and future City-owned assets with the focus of growing and developing the City.”

City Council and City staff are in the midst of budget deliberations with several groups seeking financial support, including Creative Industries, the Dionne Quints Heritage Board, and a group working to address the physician shortage in North Bay. Any funding for Invest North Bay would have to be formalized by a resolution, readings, and vote in a regular meeting of Council but could be included as a line in the budget.

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