The Edmonton Chamber of Commerce has a wish list of policies for those running in the municipal election, and near the top of that list is to champion a municipal development corporation.
Heather Thomson, vice president of economy and engagement with the chamber, said such a corporation should be a "no-brainer" for Edmonton during a members-only livestream with Taproot co-founder Mack Male on Sept. 12.
Thomson joined the broadcast to discuss the chamber's municipal action plan. The chamber releases such documents ahead of each federal, provincial, and municipal election to advocate for policies it believes will help its members. Thomson said an MDC would be "game-changing" and is among the chamber's top desired outcomes from the election.
The MDC would assemble strategic land into developable parcels, deliver projects that could help spur other developments, and co-invest with private and Indigenous partners, according to the chamber's plan.
Calgary has an MDC, which redeveloped the 49-acre mixed-use East Village, among other projects. The corporation said it invested over $400 million into infrastructure in the East Village, which has attracted $3 billion of private investment. In Winnipeg, the municipally owned CentreVenture recently partnered with the University of Winnipeg Renewal Corporation for the mixed-use, mixed-rent Market Lands redevelopment. CentreVenture has also restored heritage buildings and facilitated an infill townhouse development. Thomson said CentreVenture makes money for the city through a shared dividend.
Edmonton's administration has identified a "fiscal gap" in its capital and operating budgets. In a report detailing ways the city could address the gap, administration said "the city's revenue-raising capacity has persistently fallen short of its expenditure needs on both an operating and capital basis." The report discusses different ways the city can reduce expenditures, but as for increasing revenue, it focuses on growing the non-residential tax base and potentially raising user fees and permit fees.
Thomson said an MDC could help the city by acting as a new revenue stream. "Taxes are not the only way anymore — we need to be looking at different mechanisms to be making money," she said.
A key to making an MDC work is ensuring distance between the municipally owned corporation and city administration, Thomson said. "It makes (the corporation) more competitive with the private sector. It allows for the development corporation to actually serve as an equal in the private sector."
Thomson also discussed some of the other recommendations in the chamber's municipal action plan, including recommendations to mandate that civic staff return to office and to create a three-year, $100-million downtown office conversion and infill fund.
Taproot holds members-only livestreams every second Friday, where guests such as Thomson go deep on issues of interest to Edmontonians. Become a member for access to future livestreams.