City Council Must Keep Economic Development at the Forefront
North Bay faces many challenges, but we also have tremendous opportunities. It has been ten years since a group of MBA students from Baylor University published a comprehensive economic development roadmap for our city. That report recommended that North Bay prioritize local entrepreneurship, public transparency, and a high “quality of place” to attract talent and jobs. Much has changed since 2016, and while those students could not have predicted a global pandemic or our current addictions and homelessness crisis, one truth remains absolute: creating conditions for robust economic growth must be a fundamental priority at City Hall.
Economic development is not just a city department or a line in the budget. It is the foundation upon which strong communities are built, supporting jobs, attracting investment, and creating opportunities for residents of all ages. At a recent City Council meeting, there was discussion about how to use $400,000 in remaining taxpayer funds originally dedicated to economic development initiatives through Invest North Bay. Council members voted to turn down a motion which would have directed half of those remaining funds as a donation to the Heritage Railway tourist attraction. While many worthy community organizations contribute to the quality of life in our city, we must be careful not to lose sight of the purpose for which those economic development dollars were intended. Now, as Invest North Bay is wound down, the total $400,000 of taxpayer’s money will be transferred to the Economic Development Purpose Fund, an outcome I fully support.
As someone with a degree in Economics, I know that economic growth is not automatic; it requires strategic investment and long-term planning. Too many of our youth leave after graduation because they do not see viable local career opportunities. To retain our youth and attract new families, we must create an economy that offers meaningful employment with competitive wages and opportunities for advancement. When people can build successful careers in North Bay, they are likely to stay, purchase homes, and invest in our community.
There is an important relationship between economic and social development. As noted in the Baylor report: jobs follow people. Residents want access to recreation, arts, culture, community services, and attractive public spaces. These amenities help make North Bay a desirable place to live and raise a family. However, these services also cost money. A growing economy increases the tax base and investment needed to sustain and improve community services. We need to expand our commercial and industrial footprint, so businesses generate more of the revenue we need. Specifically, the current industrial tax rate is 1.4 times the residential tax rate, and the commercial rate is 1.88 times the residential rate, both providing high revenue streams. Economic growth results in increased tax revenue without increasing residential taxes.
The municipal election is on October 26th. To move North Bay forward, we need a clear vision and disciplined priorities. We need to use economic development funds to drive economic growth, create jobs, attract investment, and expand opportunities for residents. By protecting those investments and ensuring they are directed toward their intended purpose, we can build a stronger local economy, retain our young people, welcome new families, and create a thriving community for generations to come.
Caroline Corbett is a retired Dean at Canadore College, currently running for North Bay City Council in the October 26th municipal election.
