COURTENAY – Before a community can successfully embark on new economic development strategies and investment attraction, it should evaluate its capacity to respond to potential investors. The Island Coastal Economic Trust is supporting Tofino with this process, by providing funding for an investment readiness assessment.
“Tofino is open for business and eager to bring new investment into the community,” said James Costello of the Tofino Business Association, the organization leading the project, which is expected to be completed by the end of summer.
The Tofino Business Association is partnering with the District of Tofino to cost-share 50% of the $10,000 ‘investment readiness assessment’, with ICET contributing the other $5,000.
“Our Economic Development Readiness program is all about supporting communities with the specific approaches and tools suited to their unique economic development needs,” says ICET Chair Phil Kent. “Solid data and a strong capacity to respond will greatly enhance a community’s ability to attract investment which aligns with assets, needs and values.”
Activities in the process include assessments to identify key data around land use planning and infrastructure, industrial and commercial land inventory, community information and profiles, and more. The result of this process will lead to a detailed audit and ranking of Tofino’s investment readiness as well as an action plan to address any gaps.
“Once this information is collected and validated, we’ll be working from a place of facts and not just perception when it comes to promoting Tofino as a place to live, work, and invest,” said Dorothy Baert, Tofino Councillor and Community Economic Development Committee Chair.
