economic development strategy and action plan 2009 ... - City of Barrie

• Recommending a specific approach to ensure the City of Barrie realizes its vision for downtown
revitalization.
1.2 Approach
Time spent in developing an economic development strategy pays significant dividends to a community or
region because it:
1. Outlines the steps to follow. Economic development does not just happen. It requires the
community or region to identify a number of intermediate steps to reach its final goals.
2. Promotes efficient use of scarce resources. A significant amount of money, time, and people will
be required for economic development efforts and these limited resources must not be wasted. The
plan will provide rationale for resource allocation.
3. Improves coordination and collaboration. Many programs, activities, groups, and stakeholders will
be involved in the development effort and it is important that they not overlap or conflict. The plan will
serve as a vehicle for communicating development activities.
4. Builds consensus. The public and the private sector must agree on the major issues involved. This
will lead to support in implementing the plan.
5. Increases public awareness. Without public support, economic development cannot happen. It is
important that the public know how development occurs and how it affects a community or region.
6. Strengthens the community or region’s competitive position. A community with a strategy will
not only be inherently more likely to succeed, it will appear more attractive to potential business or
industry than a community without a plan.
7. Encourages forward-thinking. A strategy will encourage community leaders to think about the
future and to not overlook opportunities for development as they arise.
The approach to the creation of this economic development strategy has included several key
components:
• A Background and Literature Review;
• An Economic Base Analysis of the City of Barrie and surrounding area;
• Community Consultation in the form of focus groups and stakeholder interviews and community
survey;
• A SWOT Assessment (Strengths, Weaknesses, Opportunities and Threats) to determine the key
issues impacting the city’s ability to attract and retain business investment;
• The Identification of Key Sectors and Opportunities for economic growth; and
• Consideration of key performance indicators to ensure effective implementation of the economic
development strategy.
The result is an economic development strategy that is both visionary and practical; and more effectively
positions the City of Barrie to respond to emerging opportunities as it relates to business investment and
growth, both now and in the future.
City of Barrie Economic Development Strategy 15 | P age