Beaumont council passed the first reading last week of a bylaw to borrow $10 million to create a business park.
The funding for the proposed Beaumont Innovation Park includes the purchase of land for the project. A prospective tenant has already committed $1 million with plans for a "significant overall investment," according to a news release.
“This proposal represents the cumulative work by council and city administration in the last few years to encourage more business development in Beaumont,” Mayor John Stewart said in the release.
“Growing our business community will provide more services, amenities, and jobs for residents and broaden our tax base so we can continue to afford city services, parks, and recreation opportunities, and all the other aspects that contribute to the high quality of life in Beaumont.”
The news release touts autonomous technology, artificial intelligence, and data management as some of the fields that could be tenants, and they would have access to an ultra-high-speed broadband network that's under consideration by the city.
A land purchase would allow the city to move the project forward faster and would be paid off over time from business revenue, the release said.
Details, including location and prospective tenants, are being kept confidential.