The city of Cambridge’s economic development team, Invest Cambridge, has been named the recipient of a 2022 Economic Development Excellence Award for laying the groundwork for the revitalization of the city’s three core areas.
Invest Cambridge has been given a gold award in the category of Economic Development for Neighbourhood Development. The award is given out by the International Economic Development Council (IEDC).
“We are planning for the future of Cambridge and investing in meaningful transformation, and this award proves just that,” Mayor Kathryn McGarry said in a press release.
“It’s an example of what is possible when we have a vision and our team can work to support community groups, like our Business Improvement Areas, in working together on projects that benefit everyone – making our city a better place to live, work and play.”
Last spring the city’s economic development staff took over approving funding applications to the city's Core Areas Community Improvement Plan (CIP). It was a process that was previously the responsibility of council to approve.
The city plans to continue investing $1 million per year over four years into the city's Core Areas Transformation reserve fund as part of the department's operating budget for the CIP programs.
These grants go towards covering commercial business improvements like heritage restoration, signage, storefronts and accessibility, to residential improvements, conversions and tax increases that result from the upgrades.
Starting in 2015 and ending last spring, the city also waived development charges for eligible projects located in city's cores. The exemption for builders has enabled significant growth, most notably through projects like the Gaslight District condo towers.
“Our Downtown Revitalization Strategy includes a number of initiatives all focused on transforming our three core areas into more vibrant spaces that support local business and economic activity,” James Goodram, director of economic development said in the release.
“Everything from financial incentive programs for businesses to seasonal road closures to create pedestrian-friendly spaces contribute to pride of place, and adds public value – they are a catalyst for further redevelopment of our core areas,” he said.
The IEDC is the largest non-profit association for professional economic developers in the world. Gold, silver and bronze awards are presented each year during the IEDC Annual Conference to honour organizations for exemplary economic development marketing campaigns, projects and programs.
