Business Plan 2011 by Hilary Darrah

edmonton.com

Business Plan 2011

Edmonton Economic Development Corporation

November 25, 2010

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TABLE OF CONTENTS Leadership | Innovation | Recognition 1. EXECUTIVE SUMMARY ..................................................................................................................................... p. 1-2 2. INTRODUCTION.................................................................................................................................................... p. 3-4 2.1 About EEDC

2.2 2.3

Vision and Mission Planning Process

3. KEY DRIVERS....................................................................................................................................................... p. 5-8 3.1 Mandate 3.2

2009 EEDC Long-term Strategic Plan

3.3

Current Economic Climate / Environmental Scan

3.4

Link to the City of Edmontonâ&#x20AC;&#x2122;s The Way Ahead

4. 2011 PRIORITIES AND INITIATIVES.................................................................................................................. p. 9-17 4.1 2011 Priorities 4.2

2011 Initiatives

4.3 Success Indicators 5. Financial Plan.............................................................................................................................................. p. 18-20 5.1 Operating Budget 5.2

Capital Budget

6. APPENDICES..................................................................................................................................................... p.21-27

APPENDIX A - EEDC Statement of Operations

APPENDIX B - 2010 - 2013 Capital Program

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1 EXECUTIVE SUMMARY Leadership | Innovation | Recognition Edmonton Economic Development Corporation (EEDC) is an independent not-for-profit organization established by the City of Edmonton. It is responsible for delivering coordinated and cost-effective tourism and economic development initiatives for Edmonton, incorporating the Shaw Conference Centre, and the Edmonton Research Park. As outlined in EEDC’s 2009 20-year strategic plan, EEDC’s purpose is to create sustainable economic growth and development for Edmonton with the vision of having Edmonton recognized as one of the world’s leading mid-sized cities by 2030. The 2011 Business Plan is designed to be a building block from the 2010 Business Plan and is an incremental step toward achieving this vision, through the creation of priorities and initiatives for EEDC to focus on, execute and measure over the next year. In preparing the 2011 Business Plan, EEDC considered the following key drivers: • EEDC’s mandate to promote economic development. • EEDC’s 2009 long-term strategic plan. • The current economic climate and the potential impact on our plan. • The City of Edmonton’s The Way Ahead strategic plan as well as the six associated strategic directional plans. To achieve the vision, EEDC is focused on increasing the standard of living for Edmontonians. Standard of living is comprised of two strategic goals: Income Growth and Quality of Life. In pursuit of this, EEDC continues to be guided by the three strategic objectives of leadership, innovation and recognition. Within this framework, the six priorities from 2010 have been carried forward:

Leadership 1. Community Engagement – community input, support and assistance for EEDC’s priorities. 2. Catalyst for Change – initiating action and dedicating internal resources.

Innovation 3. Foster Innovation – stimulate innovation by creating an environment where it can thrive. 4. Grow Key Assets and Industries – building and supporting the foundation for knowledge-based industries.

Recognition

5. Global Appeal – addressing quality of life and tourism development opportunities. 6. Global Presence – increasing visibility and recognition of Edmonton on a global stage.

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Leadership | Innovation | Recognition The following diagram depicts EEDCâ&#x20AC;&#x2122;s strategy and how it relates to the 2011 initiatives. As some of the initiatives are multiyear endeavours, some have been carried forward from 2010 while others are new initiatives for the organization.

Top Five Mid-size City (Standard of Living)

Income Growth Quality of Life Leadership

Innovation Foster Innovation

Grow Key Assets & Industries

Recognition

Community Engagement

Catalyst for Change

Global Appeal

Global Presence

Vibrant Urban Core

Social Responsibility

Advanced Technology Strategy

Competitiveness Strategy

Convention Delegate Value

Leverage Event Profile

EXPO 2017 Bid

SCC Expansion

Regional Research Park Collaboration

Financial Services

Support Enhanced Air Service

International Tourism Strategy

Tourism Partnership Model

SCC Profitability

ERP Business Model

Life Sciences

Film

2011 Strategic Objectives Priorities

2011 Initiatives

Energy

While EEDCâ&#x20AC;&#x2122;s business plan is designed to make Edmonton a world-class city, this goal will be achieved through the efforts of many, including EEDC. Achieving this goal will require dedication and perseverance from the organization, the Board, the City, business and community leaders, and external stakeholders. Recognizing the need for external support and assistance is essential. Actively mobilizing the support required is critical for success.

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2 INTRODUCTION Leadership | Innovation | Recognition 2.1 About EEDC Edmonton Economic Development Corporation (EEDC) is an independent not-for-profit corporation established by the City of Edmonton (COE) in 1993 for the purposes of promoting economic development. In addition to its core economic development responsibilities, the City has also assigned to EEDC responsibility for tourism development, the management of the Shaw Conference Centre (SCC), and management of the Edmonton Research Park. A brief description of each area and their primary responsibilities are provided below:

Area Economic Development Tourism Shaw Conference Centre (SCC) Edmonton Research Park (ERP) External Relations Corporate Services

Responsibility Drives long-term sustainable income growth for Edmonton through industry development, attraction, and diversification. Attracts tourism for business and leisure travel as well as events. In addition, Tourism is responsible for partner and support services for the industry. Generates economic impact by selling and hosting conferences and events, and contributes social value for the City. Manages the ERP and specifically provides special-use lease space and technology advancement support services to Edmonton-based companies. Fosters strong relationships between EEDC and our many stakeholders through marketing and communication services. Comprised of Finance and Accounting, Information Technology, Knowledge Management, and Human Resources, provides support for the Corporation.

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Leadership | Innovation | Recognition 2.2 EEDC Vision and Mission Vision “To ensure Edmonton is recognized as one of the world’s top five mid-sized cities by 2030”. EEDC defines a leading mid-sized city as a city with one of the highest standards of living, and a place where people choose to work, live and visit. Mission “To promote the sustainable economic growth and development of Edmonton”. To achieve the vision, EEDC’s mission is to enhance the standard of living for the Edmonton region. Standard of living is a combination of quality of life and income growth. Subordinate to this, but still critical to EEDC’s role, is to ensure Edmonton is recognized globally.

2.3 Planning Process In the Fall of 2009, EEDC’s Board of Directors approved the longterm strategic plan which was developed to guide the organization’s efforts over the next 15-20 years. As part of the annual business planning process, the Board of Directors is responsible for confirming the strategic direction for the organization. In the Spring of 2010, the Board reiterated its support for the long term strategy with no significant changes. The Board of Directors did provide direction for some refinements and clarity on scope and scale for the organization. Direction from the Board of Directors was to: • take a more regional approach to economic development, with the region including all of Northern Alberta; • take a more active leadership role where appropriate; and • ensure that the brand and image for the Edmonton Region remains an essential focus, and incorporate into the EXPO initiative. Management has incorporated the direction provided by the Board into the 2011 Business Plan. The comments from the Board were not included as specific initiatives for the organization in 2011, but integrated into the existing and new initiatives for 2011 and beyond. The organization conducted environmental scans on the strategic focus areas that were identified in the 2009 strategic plan as well as for internal operations. As part of the environmental scans, proposed initiatives were brought forward for 2011. A prioritization framework, which is aligned with our strategic goals, was used to determine the key initiatives for 2011. The 2011 initiatives are discussed in more detail under section four.

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3 KEY DRIVERS Leadership | Innovation | Recognition In preparing the annual business plan, a number of key factors influenced the development of the plan. These factors are discussed below.

3.1 Mandate EEDC was established in 1993, as an independent not-for-profit corporate entity by the City of Edmonton to manage the following functional areas: • Promotion of economic development • Promotion of tourism development • Management and development of the Shaw Conference Centre • Management and development of the Edmonton Research Park In establishing EEDC, it was the intention of the City to create an organization that could exploit the natural synergies that exist between these functional areas. EEDC is also responsible, on behalf of the City, for TEC Edmonton. TEC Edmonton is the joint venture entity created by the University of Alberta and EEDC for the purposes of commercializing research and development.

3.2 2009 EEDC Long-term Strategic Plan EEDC’s long-term strategic plan is to create a leading mid-sized city by increasing the standard of living for the region. To ensure a sustainable increase in the standard of living, EEDC is focused on 2 goals: 1. Enhancing Income Growth – This is a leading driver for standard of living. The focus on income growth is required to ensure that residents participate in and benefit from growth in the region, through an increase in material wellbeing. The objective of Income Growth is dependent upon increasing levels of competitiveness in Edmonton’s economy. Sustainable economic growth (the driver for income growth in a region) occurs by making the region more competitive. Increased competitiveness can take many forms. EEDC has chosen to focus on the following areas to achieve longterm competitiveness, and subsequently income growth for the region: • Develop and nurture industries • Innovation • Entrepreneurship • Education • Immigration • Productivity improvements • Optimized labour pool

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Leadership | Innovation | Recognition 2. Improving the Quality of Life – EEDC considers quality of life to constitute anything that enhances the livability of Edmonton and makes it a more desirable place to live, work and visit. Quality of life in the region can become a competitive advantage in the attraction and retention of a skilled workforce. In the 2009 Long-term Strategic Plan, EEDC identified the availability of ‘smart people’* as a critical component for future economic growth. The quality of life focus for EEDC was designed to facilitate the attraction and retention of these ‘smart people’. The focus areas for Quality of Life are: • Downtown development • River valley development • Global event attraction • Increased global presence • Social improvements *As outlined in the 2009 Long-term Strategic Plan, the definition of smart people is not meant to imply a focus on educational attainment. Smart people can be found throughout all levels of educational attainment throughout the population. EEDC’s definition of smart people is broadly used to define the characteristics and qualities associated with people who are innovative, creative, and seek out solutions to today’s and tomorrow’s problems. Some smart people will be highly educated, and many others will not be.

3.3 Current Economic Climate / Environmental Scan In the latter half of 2009 and into 2010, the economy was in recovery mode as the global economy began to emerge from the recession that resulted from a housing crisis in the US and the subsequent global financial crisis. Oil prices have dramatically improved to the $70-$80 per barrel range, doubling the lows of the recessionary prices. EEDC’s oil forecast for 2010 has largely held true. In 2011, it is expected that there will be significant volatility in the daily closing market price of oil (WTI – West Texas Intermediate) due to concerns of a slowing economy and continued geo-political issues. However, overall, EEDC is forecasting that the annual average oil price for 2011 will improve modestly. Natural gas prices are still challenged and it is not anticipated that there will be a significant rebound in prices for the near future. The abundance of shale gas reserves in North America will continue to depress prices in the short-term. In the medium-term, the technology associated with recovery of shale gas may be somewhat over-promised, and a possible rebounding in gas prices may be possible. While the price of natural gas does not have a substantial direct impact on the state of the local economy, the Province of Alberta is heavily dependant upon revenues derived from the natural gas industry. If provincial revenues are slow to rebound, this could have a detrimental impact on both infrastructure spending, and funding levels for critical industry sectors such as Advanced Education and Health. The oil sands continue to be an important driver of the economy. With the change in the Provincial royalties, as well as the general economic recovery, oil sands investment remains strong. An increase in drilling activity within the province is also resulting in a gradual increase in labour requirements for the energy sector. In the past year, the unemployment rate in Edmonton has ranged from 6.7% to 7.9%. This rate of unemployment is higher than the target of ~5% but is still below the 10%+ unemployment that can be found in parts of Eastern Canada. Additionally, the region has seen growth in full-time employment with a corresponding decrease in part-time employment during 2010. The strengthening labour market is viewed as a positive economic sign, as it signifies an increased level of confidence about future expectations among employers.

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Leadership | Innovation | Recognition Housing starts have greatly improved with residential building permit values in July 2010 growing nearly 125% year-overyear, but remain below the highs experienced during the last boom. Non-residential building permits, however, have declined year-over-year for the same period. With the completion of the Scottsford Upgrader expected in late 2010, and continued softness (from previous highs) in the non-residential market, significant growth in the local construction industry is not anticipated to occur. Without significant gains in the construction industry, the local economy will continue to see moderate levels of growth, well off from the 5%+ real GDP growth experienced during the last boom. Overall, after a 5.1% GDP decline in 2009, the Conference Board of Canada is forecasting that Edmonton will experience a 3.8% GDP growth in 2010. From 2011-2014, the annual forecast is 4.0% on average, which is ranked second out of 13 metropolitan areas in Canada. EEDC believes that the 4.0% GDP growth forecasted by the Conference Board for Edmonton is optimistic. EEDC does not currently believe that the underlying factors that need to align for this level of growth to occur are probable. There is a lag effect between investment growth in the oil sands and economic growth in Edmonton, migration to the region remains low, provincial infrastructure spending is not anticipated to increase significantly, moderate levels of construction growth in the region are forecasted, and reduced levels of retail spending for the region all point to a more moderate level of growth than anticipated by the Conference Board. EEDC Forecast:

Average Annual Oil Price (WTI US$) Closing Oil Price (WTI) Range Average Annual Natural Gas Price (MMBtu) Edmonton Real GDP Forecast

Short-term Forecast (2011) $75 (approx) $60 - $90 $4.75 (approx) 2.5%

Medium-term Forecast (2012-2015) $85 (approx) $60 - $110 $6.00 (approx) 3% - 4%

As a result of the recession, all levels of government are cautiously managing their budgets which means ‘doing more with less’ or simply doing less. This has lead to funding changes for a number of programs, including programs that EEDC is involved in (e.g. Canadian Tourism Council, Productivity Alberta). This will have a moderate impact on EEDC as part of our funding is from the three levels of government. The current and anticipated future economic climate has been incorporated into EEDC’s 2011 business plan. Through the environmental scans of our strategic focus areas, EEDC is well-positioned to support Edmonton’s growth path.

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Leadership | Innovation | Recognition 3.4 Link to the City of Edmonton’s The Way Ahead EEDC’s vision of 2030 aligns with and supports the City of Edmonton’s vision for the future, which is outlined in The Way Ahead. As part of The Way Ahead, six ten-year strategic goals were established and plans have been developed or are being developed for each of the following: • The Way We Live – Improve Edmonton’s Livability • The Way We Green – Preserve and Sustain Edmonton’s Environment • The Way We Move – Shift Edmonton’s Transportation Modes • The Way We Grow – Transform Edmonton’s Urban Form • The Way We Prosper – Diversify Edmonton’s Economy • The Way We Finance – Ensure Edmonton’s Financial Sustainability The Way Ahead is used as input into the organization’s strategic planning process. As well, EEDC has and will continue to participate in the development of the plans for the six ten-year strategic goals to ensure our annual business plans are aligned with the City of Edmonton.

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4 2011 PRIORITIES & INITIATIVES Leadership | Innovation | Recognition 4.1 2011 Priorities The strategic objectives of Leadership, Innovation, and Recognition continue to underpin EEDC’s annual business plan. These objectives are fundamental for the organization as they are used to continually focus all of EEDC’s efforts within each of the operating groups. • Leadership – EEDC will take a leadership role in bringing together the community for a common purpose, taking into consideration all viewpoints. • Innovation – EEDC will work with key stakeholders to create an environment for innovation to thrive. The focus will be on generating and sharing ideas across multiple industries while supporting commercialization and building competitive industries. • Recognition – EEDC will focus on creating an exceptional place to live, work and play. This value proposition for Edmonton will be actively promoted to the world. EEDC aims to help Edmonton achieve the objectives defined for Income Growth and Quality of Life through these three strategic objectives of Leadership, Innovation and Recognition. Within this framework, six priorities have been identified for 2011, which are unchanged from 2010 based on EEDC’s focus areas and the key drivers previously discussed. These six priorities are as follows: Leadership 1. Community Engagement 2. Catalyst for Change Innovation 3. Foster Innovation 4. Grow Key Assets and Industries Recognition 5. Global Appeal 6. Global Presence

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Leadership | Innovation | Recognition 4.2 2011 Initiatives The following diagram depicts EEDCâ&#x20AC;&#x2122;s strategic focuses and how they relate to the organizationâ&#x20AC;&#x2122;s 2011 Business Plan priorities and initiatives. The goals of Income Growth and Quality of Life are long-term and can only be accomplished over the course of several years. The priorities identified for 2011 are one component of a multi-year strategy, designed to achieve the goals. In 2010, 12 initiatives were identified. As some of the 2010 initiatives were multi-year initiatives, they have been carried forward into 2011. As initiatives enter different project stages, there will be a natural evolution of the initiatives into the different strategic objectives and priorities of the organization.

Top Five Mid-size City (Standard of Living)

Income Growth Quality of Life Leadership

Innovation Foster Innovation

Grow Key Assets & Industries

Recognition

Community Engagement

Catalyst for Change

Global Appeal

Global Presence

Vibrant Urban Core

Social Responsibility

Advanced Technology Strategy

Competitiveness Strategy

Convention Delegate Value

Leverage Event Profile

EXPO 2017 Bid

SCC Expansion

Regional Research Park Collaboration

Financial Services

Support Enhanced Air Service

International Tourism Strategy

Tourism Partnership Model

SCC Profitability

ERP Business Model

Life Sciences

Film

2011 Strategic Objectives Priorities

2011 Initiatives

Energy

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Leadership | Innovation | Recognition Leadership EEDC views Leadership as being comprised of 2 categories: 1. Community Engagement – EEDC contends that to leverage the organization’s influence, an active role in the community is paramount. The role of leadership must be earned. As such, the role of community engagement can take many forms. Ultimately, the objective is to be involved in issues of concern, and influence potential outcomes. For this to occur, EEDC has 3 roles: • Involve: EEDC will be involved in pertinent issues that affect Edmonton. • Inform: EEDC will be informed (and inform others) and take an objective stance. • Influence: EEDC will attempt to influence opinion on issues (direct and indirect). The initiatives for Community Engagement in 2011 revolve around a future Edmonton that is possible and desirable. The Vibrant Urban Core and the EXPO 2017 Bid initiatives will require significant community engagement. A Vibrant Urban Core is easily recognizable as being a cardinal component of any world class city. EEDC will need to be involved, informed, and influence the plans to achieve this. For Edmonton to secure the 2017 EXPO bid, a significant amount of effort will be needed – EEDC will need to both inform and influence the broader community in both Edmonton and Alberta about the benefits of hosting this event. For Tourism, it is important that EEDC is closely engaged with industry partners to mobilize support and to ensure that tourists have a positive experience in Edmonton. Initiative: Vibrant Urban Core EEDC will continue to work with stakeholder groups to deliver on the Capital City Downtown Plan developed by the City of Edmonton. EEDC will work with stakeholders to develop a marketing plan to promote ‘work, live, play, learn, and shop downtown’. Additionally, EEDC will investigate consolidating fragmented pieces of information about downtown into a single valuable source for user groups such as developers, property managers, businesses, retailers, schools, and more. The Economic Development division will facilitate the relocation of business from key sectors to Edmonton, with a focus on downtown as appropriate. Initiative: EXPO 2017 Bid EEDC has provided support for the EXPO bid in 2010 and will continue to do so in 2011. EXPO can have a significant positive impact on Edmonton’s image, in addition to the other numerous benefits associated with hosting this international event. In 2011, EEDC’s role may change should the federal government support the EXPO bid and a proposed new EXPO 2017 non-profit corporate structure is put in place. However, given EEDC’s relationship with industry and strong marketing and communications capabilities, EEDC is well-positioned to continue to drive corporate engagement across the province for this event. Initiative: Tourism Partnership Model Tourism Industry Partners are essential to the success of the tourism industry as they have significant interaction with tourists. Being able to provide a positive experience to tourists is important as it solidifies Edmonton’s reputation and helps to increase Edmonton’s profile. EEDC’s industry partners program offers a wide range of services including hospitality training, marketing and promotion opportunities, and networking opportunities at a relatively modest cost. In 2011, EEDC will be implementing changes to the industry partners model moving from a ‘one-size-fits-all’ singleprice point to a broader service offering. This change will involve significant communication and planning to inform and retain existing tourism partners.

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Leadership | Innovation | Recognition 2. Catalyst for Change – EEDC needs to take an active role in making positive changes within the community. Social Responsibility has been identified as a Catalyst for Change initiative as it is a critical component of EEDC’s strategy. EEDC will lead by example and encourage other organizations to also take an active role in making Edmonton a better place. For the SCC, EEDC believes it has a significant role to play in redefining the downtown skyline and the linkages to the river valley through an expanded convention space. In conjunction to an expanded SCC, EEDC is examining its business model for the Centre. Initiative: Social Responsibility EEDC has been involved in various social issues in the past from Homeless Connect to Everyone for Edmonton with the goal of improving quality of life for citizens. As an organization, EEDC continues to promote Arts & Culture, participates in Downtown Proud, supports various charities and foundations (e.g. United Way, culinary industry), and is involved in numerous social events. Within the organization, EEDC offers a group volunteer opportunity as well as one paid day per year for employees to become engaged within the community and to enrich the quality of life of our residents. EEDC also promotes green initiatives led by the Green Team (e.g. ETS at work, bike racks). EEDC will continue to lead by example and will work with other organizations to support social issues where we can, as part of EEDC’s endeavour to be a strong community citizen. Initiative: SCC Expansion EEDC will continue to pursue the SCC expansion for its contribution to both additional convention capacity and for its value to the river valley. Integrating the river valley into the downtown core through the SCC is an ideal opportunity to showcase urban development that aligns with preservation of nature. While an expanded SCC is not likely to progress rapidly in the short-term, the plan to integrate the expansion with one of Edmonton’s key assets is an excellent opportunity to showcase the environmental focus that permeates throughout the COE plans. In 2011, a geotechnical study will be completed for the proposed convention centre space. As well, a funding strategy will evolve to review options for how best to finance the expanded convention centre space. Initiative: SCC Profitability The SCC will continue to look at improving margins by reducing operating expenses and/or growing revenues. In 2011, the SCC will complete the implementation of a new purchasing and inventory management system, introduce a new point-of-sale system, and look at other opportunities for new ways to do business within the convention market. From a revenue standpoint, the SCC will continue to aggressively pursue convention prospects as well as identifying new product offers. Innovation Innovation is an essential component of economic growth and continued vitality. For EEDC, Innovation is comprised of two categories: 1. Foster Innovation – EEDC will be involved in creating an environment for innovation to thrive from ideas and concepts, through to products and markets. The initiatives for Foster Innovation in 2011 will focus on expanding the Advanced Technology eco-system and the strategy for the development of Research Parks in the region. These focuses are designed to ensure that in future years, the structural supports (process, players, roles, facilities) are in place. The structural supports and systems are required so that EEDC can then focus on encouraging growth of ideas and concepts. Encouraging ideas, concepts, and innovation without building the foundational supports would be counterproductive. If significant research and ideas are generated before the mechanisms designed to facilitate their success, the logical outcome would see these ideas gravitate to the areas where the foundational/structural supports required for

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Leadership | Innovation | Recognition success are already in place. Edmonton can become a hub of innovation once the component pieces required to help an entrepreneur go from concept to market are present and available. In 2010, as chair of the Regional Alliance, EEDC played a strong role in refining the mandate and role of the group. The Regional Alliance is an organized, highly collaborative group of technology commercialization entities working together to assist in the successful development of young, technology based companies. TecEdmonton plays a key role in the Regional Alliance, as it is the funnel to which all the other members direct their companies for commercialization support, including market analyses, IP support and business mentoring. Initiative: Advanced Technology Strategy Advanced Technology will continue to focus on building the ecosystem required to make commercialization and innovation thrive in the Edmonton Region. This expansion will be stimulated by securing companies to mentor, test, trial, adopt and recommend locally-developed technologies. The ecosystem will also expand by identifying needs or challenges in relevant industry sectors and having regional entities begin working on solutions for these identified needs. TecEdmonton will continue to play a key role in the Advanced Technology Strategy, by assisting SME’s who have ideas that could solve the needs identified by industry, and also by refering appropriate SME’s to industry for possible testing or adoption of their technologies. Initiative: Regional Research Park Collaboration With several organizations and associations looking at creating and/or expanding research facilities in the Edmonton area, it is important to take an overarching view of what the specific requirements are for research facilities. To this end, EEDC has undertaken in 2010 to take the lead in developing a collaborative research park strategy for the Edmonton area, working closely with key stakeholders. This includes an initial inventory of current facilities and a demand analysis, with a recommendation in 2011 on how the collective organizations can address the current and future demands for research space. Initiative: ERP Business Model Based on a best practices review conducted in 2010, the Edmonton Research Park (ERP) will implement changes to their business model in consultation with the City of Edmonton. Possible changes include offering longer-term leasing options as well as looking at different marketing strategies to ensure that the ERP space is fully maximized with tenants in specific sectors. The ERP will also continue to look for and implement best practices throughout the year to create additional value to tenants. 2. Grow Key Assets & Industries – Diversifying the local economy requires a dedicated focus on future knowledge-based industries and the foundational supports they require. The initiatives for Grow Key Assets & Industries in 2011 will continue to focus on strengthening future industries and increasing Edmonton’s competitiveness. Each initiative will take a more regional approach (e.g. Northern Alberta), where appropriate. The focus on building future industries is a long-term commitment for EEDC. This priority is designed to ensure that Edmonton has significant strengths in sectors outside of oil & gas. Initiative: Competitiveness Increased competitiveness is essential for sustainable economic growth. Competitiveness encompasses productivity, innovation, adoption of advanced technologies, increased levels of education in the workforce, investments in workers and equipment, immigration and a multitude of other factors. Traditionally for EEDC, the focus has been on productivity gains through lean manufacturing and Total-Quality-Management programs. However, there has been increasing recognition on the need to focus on the other factors to improve regional competitiveness. In 2011, EEDC will develop a comprehensive competitiveness strategy that incorporates both the productivity and labour portfolios. This strategy will be broadly based within the context of setting the stage for enhanced regional competitiveness. Where approrpriate, the competitiveness strategy will pay particular attention to the industry sectors that EEDC has identified as focus areas.

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Leadership | Innovation | Recognition Initiative: Financial Services Financial Services continues to follow the 2009 strategy outlining the retention and growth of local professionals and organizations in this sector. The 2011 initiative will focus on further development of the talent pool, increased awareness of the regional strengths, and strategies focused on the needs of specific organizations. EEDC will also ensure there is alignment with the Province’s activities related to this industry. Finally, a thorough assessment and assistance for the insurance industry will be undertaken. Initiative: Life Sciences A strategy will be developed by the end of 2010 for Life Sciences. This will be carried-forward into 2011 with initiatives necessary to execute the plan and to promote the industry and Edmonton’s value proposition. Initiative: Energy Edmonton will continue to leverage its energy resources, however alternative energy and clean technology will gain an increasing share of the future focus. With the engagement of key stakeholders, EEDC will develop a strategy to garner the benefits in the energy sector of clean technologies and conservation efforts. EEDC will continue to participate in the evaluation and development of the Value-Added Petro Chemical initiatives for Alberta’s Industrial Heartland.

Shaw Conference Centre

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Leadership | Innovation | Recognition Recognition Increasing the level of global awareness is paramount to ensuring Edmonton is recognized as one of the world’s leading mid-sized cities. For EEDC, recognition is comprised of two categories: 1. Global Appeal – In 2011, the focus of Global Appeal for EEDC will be identifying, enhancing, and leveraging Edmonton’s value proposition. This focus provides a reason for visitors to stay longer, enables visitors to travel directly to Edmonton, and encourages new business opportunities. These actions are cornerstones of creating a world-class city with broad appeal and will be addressed through the three initiatives for Convention Delegates, Air Services, and Film. Initiative: Convention Delegate Value The purpose of convention centres is to generate economic impact for the area. When convention attendees arrive in a city, they provide an influx of dollars into the economy through accommodations, food, travel, and shopping. This has a direct positive economic impact for a city. With conventions that EEDC has attracted to Edmonton, it is prudent for the SCC and Edmonton Tourism to capitalize on those coming to Edmonton to extend their stay or increase their discretionary spending. EEDC will develop programs with Tourism Industry Partners specifically targeted for these delegates. Additionally, EEDC will look at expanding this to include key industry sectors where tours can be arranged for the convention delegates to showcase Edmonton facilities pertinent for their industry. Initiative: Support Enhanced Air Service Air service is critical to growing and sustaining businesses, attracting conventions and events to Edmonton, as well as tourists. It also helps improve the quality of life for local residents for leisure purposes. If direct flights are not available, doing business in Edmonton may pose a challenge for some companies; it makes convention, event, and leisure attraction difficult; and provides limited options for local residents wanting to travel. In 2011, EEDC will take a more proactive role, working with the EIA, to develop an air service strategy targeted at key markets that would be beneficial to both organizations. The strategy will look at areas of opportunity (specifically Houston, but also other markets) as well as vulnerabilities, integration of marketing efforts, demand creation, and mobilizing/influencing travelers with particular focus on corporate travelers. Initiative: Film In 2010, a new film business model was proposed by an international production company to the City of Edmonton and EEDC. In 2011, EEDC will continue to look for funding for this proposal and to provide information for potential investors. Finally, EEDC will work with key stakeholders to implement this new proposal. 2. Global Presence – In 2011, the focus of Global Presence for EEDC will be on continued exposure as well as an increased profile and positive perception of Edmonton within Canada and also globally. This will occur through leveraging events that Edmonton hosts or may host, how Edmonton is marketed and the experience tourists receive while in the region. Initiative: Leverage Event Profile In 2011, focus will be placed on leveraging the profiles of planned events, and also determining future potential events that could increase Edmonton’s global recognition. Edmonton hosts several significant events that are not highly exploited locally or internationally and more can be gained. This will be done predominantly through the EXPO 2017 bid, although other major events will also be leveraged. EEDC will capitalize on the exposure from the expected Federal endorsement of EXPO, and this recognition will grow as the formal bid process moves forward. Competing for EXPO 2017 will increase Edmonton’s profile on the international stage providing a tremendous opportunity for EEDC to build on the momentum this will create. As such, EXPO messaging will be integrated into media outreach,

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Leadership | Innovation | Recognition national and international marketing & communications activities, trade missions, and more. Further, the EXPO bid will create a platform which will unite partners and stakeholders with a common purpose allowing an even stronger, more focused approach to showcasing Edmonton. Initiative: International Tourism Strategy With Canada receiving official Approved Destination Status (ADS) from China in 2010, EEDC will be developing an international tourism strategy to leverage the opportunities presented by this. The strategy will focus on both attraction and ensuring capabilities are in place to deliver a positive experience. The Chinese middle-income population is growing and they have the means to travel abroad more so than ever. The economic benefit from an individual international visitor is also greater when compared to an individual local, national, or even cross-border visitor. While international visitors only comprise a small segment of the overall tourism market, there is the potential for growth. The primary focus will be China for the first part of 2011, however, other countries will also be assessed and strategies developed for each, as appropriate.

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Leadership | Innovation | Recognition 4.3 Success Indicators EEDC Priority Items for 2011 Leadership 1. Community Engagement Vibrant Urban Core EXPO 2017 Bid Tourism Partnership Model 2. Catalyst for Change Social Responsibility Expanded Convention Space SCC Profitability Innovation 3. Foster Innovation Advanced Technology Strategy Regional Research Park Collaboration ERP Business Model 4. Grow Key Assets and Industries Competitiveness Strategy Execute Strategies for: â&#x20AC;˘ Financial Services â&#x20AC;˘ Life Sciences Energy Strategy Recognition 5. Global Appeal Increase Value from Conventions Support Enhanced Air Service Film Strategy 6. Global Presence Edmonton Profile - Market/Leverage Events International Tourism Strategy

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Macro Indicators of Success

Implement actions from ONEdmonton Downtown sub-committee Execute on corporate engagement program 60 new partners on new fee structure 60% of EEDC management employees will utilize the paid volunteer day Completion of geotechnical study Improvement in food and beverage margins (1%)

Commitment from 5 companies to participate in testing technologies Regional Research Park strategy approved 5% improvement in occupancy rates Comprehensive competitiveness strategy presented to the Board Implementation of strategies

Implementation of Alternative/Clean Technology strategy

# of SCC clients adopting programs (TBC) Identification of key markets (new and existing) approved Successful implementation of international production company proposal 10% increase in value of total media (invested & earned) International tourism strategy approved and implementation of strategy

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5 FINANCIAL PLAN Leadership | Innovation | Recognition 5.1 Operating Budget The EEDC financial plan for 2011 represents the dollars required to complete the initiatives identified in this business plan as well as ongoing operations. The proposed 2011 cash budget includes revenue of $20,516 thousand, expenses of $33,602 thousand and tax levy funding of $13,086 thousand. EEDC’s budget for revenue, expenses and capital is approved by the Board of Directors on an annual basis. While the Board approves the overall budget, the City allocates and approves the amount of tax levy funding that EEDC receives each year. Since approximately one-third of the expenses of the organization are funded by the tax levy, the City of Edmonton annual budget process is a critical component of the budget cycle. For 2011, the City of Edmonton’s operating guidelines are to limit the tax levy funding for all departments, boards and agencies to a 3 percent increase. This means the tax levy funding for EEDC will be $13,086 thousand or an increase of $381 thousand from 2010. In order to arrive at a budget for 2011 which limits the tax levy to the 3% increase, EEDC looked at ways to increase revenue and/or cost saving initiatives while still accomplishing the initiatives as described in this business plan. All opportunities to achieve cost savings or revenue increases have been reviewed with a view to minimize risks to EEDC. EEDC OPERATING BUDGET 2011

2010 APPROVED BUDGET

($’000s)

REVENUE AND TRANSFERS

Econ Dev. Tourism & ERP SCC

Total

2011 PROPOSED BUDGET Econ Dev. Tourism & ERP SCC

Total

2010 to 2011 Change

6,609

15,609

22,218

6,975

13,541

20,516

(1,702)

4,425 7,576 1,000 247 1,082 2,900

9,557 6,929 - 103 - 1,694

13,982 14,505 1,000 350 1,082 4,594

4,519 7,907 1,000 241 1,158 2,944

8,882 5,780 - 84 - 1,729

13,401 13,687 1,000 325 1,158 4,673

581 818 25 (76) (79)

Total

17,230

18,283

35,513

17,769

16,475

34,244

1,269

TAX LEVY

10,031

2,674

12,705

10,152

2,934

13,086

381

EXPENDITURES

Personnel Costs Operating Costs TEC Edmonton Interest Expense Amortization & depreciation Overhead allocation

Utilization of reserves

NET DEFICIT

(590)

(642)

(52)

Note: 2010 to 2011 change - (unfavourable)/favourable

Revenue opportunities Overall revenues are challenged in 2011 primarily due to the SCC. This decrease in revenues at the SCC is attributed to the cyclical nature of the convention business and was expected. However, this decrease is further impacted by the economic downturn and the lag affect of this in the local entertainment and meetings sector for the SCC. As a result, the 2011 budget review identified opportunities to increase revenue for EEDC overall. Strategies in this category include initiatives to increase the use of our networks and partners. Many of these

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Leadership | Innovation | Recognition opportunities were previously included in the 2009 three year business plan. Opportunities in this area include but are not limited to: • Meet target occupancy rates in incubator buildings. • With the completion of the Biotechnology Business Development Centre (BBDC), there is an opportunity to fully lease out previously vacant space. • Through the coordination of information and continued communication with partners such as the Destination Marketing Fund and Travel Alberta Edmonton and area Tourism Destination Region, Edmonton Tourism will look for further partnership opportunities in 2010. Edmonton Tourism will also look to increase the number of tourism partners in the area. • Pursue industry funding support for key sectors in Economic Development. • Growth in business development opportunities for the Visitor Information Centres, from a sales and physical location perspective. Cost savings Strategies for 2011 in this category include operating cost savings, internal operational efficiencies, service level changes and new internal business models. Many of these opportunities were previously included in the 2009 three year business plan. The implementation of some of these initiatives have initial upfront costs but will result in incremental savings in the long-term. Opportunities in this category include but are not limited to: • Installation of a point of sale system at the Shaw should reduce overall IT system costs in 2011. • Human Resources will complete Certificate of Recognition certification requirements in 2011 with a view to reduce WCB costs. • Continued renovations in the salons at the Shaw include state of the art lighting controls activated manually or by motion and/or audio detectors to minimize the time lights are left on in vacant salons. The HVAC mixing boxes in all three salons have been replaced with digitally controlled units that reduce power consumption and allow for more precise temperature controls. • Hosting and travel costs will continue to be reviewed and only targeted events will be approved. • Continued revised hours, as implemented in 2010, at the Visitor Information Centres. • Reduction in printing and stationary costs through the use of electronic portals for groups, such as the Board of Directors. • Delivery of web application for planners to utilize when booking events at the Shaw and the development of applications for the Visitor Information Centre. • Greater use of social media at the Research Park for advertising, and linking tenants to technology information. • The continued virtualization and standardization of computer hardware and software at EEDC which will create more network stabilization and less system downtime.

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Leadership | Innovation | Recognition 5.2 Capital Budget The 2009 City of Edmonton capital budget process approved funding for capital programs for the period 2009-2011. The approved capital programs for 2011, along with any new capital funding requests are included in Appendix B of this business plan. Capital spending for EEDC is classified into three categories: 1. Assets owned by EEDC with internal capital funds – i.e. tenant and building improvements at the Research Park. 2. Assets owned by EEDC with capital funds financed by the City – i.e. the Biotechnology Business Development Centre (BBDC). 3. Assets owned by the City and financed by the City – i.e. the Shaw Conference Centre (SCC) and Visitor Information Centre. The SCC is over 25 years old and on-going capital maintenance is required to keep the asset operating effectively and allow it to be competitive with other Western Canadian convention centres. The City recognized the need for on-going capital maintenance funding in 2009 and approved $1.6 million for each of the years 2009-2011 in the budget cycle. All of the maintenance projects for the SCC are scheduled around convention and event dates; therefore, there is some movement in the years the dollars will be spent but all funds approved are anticipated to be consumed over this three year period. Approximately $1,500 thousand is expected to be spent in 2010. It is anticipated that on-going maintenance for the SCC past 2011 will be approved in the 2012 budget cycle. Over the last few years, the SCC has had difficulty in maintaining the working condition of the six escalators in the building. The existing escalators are 27-years old and are nearing the end of their useful life. In the near term, major capital investment will be required to get these escalators into serviceable condition for our clients and customers. In 2010, an independent third party consultant was hired to perform an Escalator Replacement Study. This study was received in late summer of 2010 and looked at four alternative approaches – do nothing, refurbishment, complete replacement or partial replacement utilizing the existing truss structure. Management of SCC recommends the partial replacement utilizing the existing truss structure based on the third party study. This replacement would be done over a two year period and is estimated to cost $6.8 million. This item has been added to the 2011 and 2012 supplemental budget request; however, it has not been approved by the City of Edmonton at this time. The total capital funding for the BBDC of $14.0 million was approved several years ago and the work to complete the building will continue into 2011 and beyond. Additionally, minor upgrades to the Research Centre One building are required in 2011. Spending in 2011 is forecasted to be $337 thousand for the BBDC and $300 thousand at Research Centre One. For the years beyond 2011, several capital requests have been noted as possible requirements, however, these items are currently unfunded. They have been excluded from the 2011 Business Plan as there is a lack of detail around the timing of the expenditures. The requests include the development of the lands south of the Research Park, parking lot paving and building maintenance upgrades at the Research Park, the potential expansion of the SCC and the possible location move of the Visitor Information Centre.

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APPENDIX A -

EEDC Statement of Operations Leadership | Innovation | Recognition

Edmonton Economic Development Corporation Budget Statement of Operations For the year ending Dec. 31, 2011 (in thousands of dollars)

Annual

2011 2010 % 2011 Budget 2010 2009 2008 Budget Forecast - â&#x20AC;&#x2DC;10 Forecast Budget Prior Year Actual

Revenue

City of Edmonton tax levy funding Convention Centre food, beverage and rental revenue Other external revenue Transfer from reserves

13,086 13,541 6,975 -

12,705 14,485

103% 93%

12,705 15,609

12,336 13,432

12,485 15,283

6,194 113% 120

6,609 -

8,969 -

7,293 -

33,602

33,504

100%

34,923

34,737

35,061

Salaries and related costs - ERT Salaries and related costs - SCC Salaries and related costs - Corp OH Operating and program costs Cost of food and beverage sold Capital maintenance Amortization of property and equipment Utilization of reserves Interest on long-term debt

4,519 8,882 2,383 15,212 1,765 - 1,158 - 325

4,283 9,158 2,344 13,992 1,999 200 975 120 350

106% 97% 102% 109% 88% 0% 119% 0% 93%

4,425 9,557 2,316 15,176 2,207 400 1,082 - 350

3,560 8,928 2,304 16,285 1,812 211 986 - 374

3,726 8,729 1,814 16,603 2,232 336 833 342

34,244

34,421

102%

35,513

34,460

34,615

-773%

277

445

Expenses

Net operating surplus (deficit) for the year

(642)

(590)

Cash Flow for the year Add back depreciation & amortization 1,158 975 1,082 986 833 Less financing payments (516) (492) (492) (468) (414) Cash Flow for the year

566

795

864

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Annual

2011 2010 % 2011 Budget 2010 2009 2008 Budget Forecast - â&#x20AC;&#x2DC;10 Forecast Budget Prior Year Actual

Revenue Convention Centre food, beverage & rental Transfer from reserves

13,541 -

14,485 93% 120

15,609 -

13,432 -

15,283 -

Budget adjustment Operating Expenses

- 14,662 15,133 97% 16,086 14,202

15,396

Gross Margin

(1,121)

Direct Expenses

212%

(477)

(770)

(113)

Interest expense Utilization of reserves Property and equipment

84 103 82% - 120 0% - 200 0%

103 - 400

121 - 211

137 - 336

503

332

473

Other Expenses

(528)

423

20%

Net operating surplus (deficit) from operations (1,205) (951) 127% Corporate overhead charge

(980)

(1,102)

(586)

1,729

1,664

104%

1,694

1,601

1,433

Net operating surplus (deficit) before COE funding (2,934)

(2,615)

112%

(2,674)

(2,703)

(2,019)

2,674

110%

2,674

2,732

2,709

690

City of Edmonton tax levy funding

Net operating surplus (deficit) for the period

2,934 -

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Leadership | Innovation | Recognition Edmonton Economic Development Corporation Divisional Budget Statement of Operations For the year ending Dec. 31, 2011 (in thousands of dollars) ECONOMIC DEVELOPMENT, TOURISM, Annual RESEARCH PARK 2011 2010 % 2011 Budget 2010 2009 2008 Budget Forecast - â&#x20AC;&#x2DC;10 Forecast Budget Prior Year Actual Revenue External funding

6,975

6,194

113%

6,609

8,969

7,293

Operating and program expenses

13,427

12,130

111%

13,000

14,306

13,866

Operating Margin (Loss) from programs

(6,452)

(5,936)

109%

(6,391)

(5,337)

(6,573)

1,158 975 119% 241 247 98%

1,082 247

986 253

833 205

Net operating surplus (deficit) from programs (7,851) (7,158) 110%

(7,720)

(6,576)

(7,611)

2,780

2,408

Direct Expenses

Other Expenses Depreciation and amortization Interest expense

Corporate overhead charge

2,943

2,849

103%

2,901

Net operating surplus (deficit) before COE funding (10,794)

(10,007)

108%

(10,621)

10,031

101%

10,031

9,604

-2,675%

(590)

248

City of Edmonton tax levy funding

10,152

Net operating surplus (deficit) for the period

(642)

(9,356) (10,019) 9,776 (243)

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Annual

2011 2010 % 2011 Budget 2010 2009 2008 Budget Forecast - â&#x20AC;&#x2DC;10 Forecast Budget Prior Year Actual

Revenue External funding

460

266

173%

450

1,068

1,620

3,154

2,346

134%

3,226

2,706

4,200

(2,694)

(2,080)

130%

(2,776)

(1,638)

(2,580)

- -

(2,776)

(1,638)

(2,580)

Direct Expenses Operating and program expenses

Operating Margin (Loss) from programs Other Expenses Depreciation and amortization Interest expense

- - - -

Net operating surplus (deficit) from programs (2,694) (2,080) 130% Corporate overhead charge

1,438

1,376

105%

1,401

1,327

1,064

Net operating surplus (deficit) before COE funding (4,132)

(3,456)

120%

(4,177)

(2,965)

(3,644)

4,177

99%

4,177

4,024

721

1,059

380

City of Edmonton tax levy funding

Net operating surplus (deficit) for the period

4,132 -

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Leadership | Innovation | Recognition Edmonton Economic Development Corporation Divisional Budget Statement of Operations For the year ending Dec. 31, 2011 (in thousands of dollars) TOURISM

Annual

2011 2010 % 2011 Budget 2010 2009 2008 Budget Forecast - â&#x20AC;&#x2DC;10 Forecast Budget Prior Year Actual

Revenue External funding

4,333

3,948

110%

3,785

5,972

3,847

7,146

6,884

104%

6,660

8,631

6,825

(2,813)

(2,936)

96%

(2,875)

(2,659)

(2,978)

- -

(2,875)

(2,659)

(2,978)

Direct Expenses Operating and program expenses

Operating Margin (Loss) from programs Other Expenses Depreciation and amortization Interest expense

- - - -

Net operating surplus (deficit) from programs (2,813) (2,936) 96% Corporate overhead charge

1,142

1,120

102%

1,140

1,115

1,060

Net operating surplus (deficit) before COE funding (3,955)

(4,056)

98%

(4,015)

(3,774)

(4,038)

4,015

99%

4,015

3,845

3,855

(41)

City of Edmonton tax levy funding

Net operating surplus (deficit) for the period

3,955 -

(183)

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Leadership | Innovation | Recognition Edmonton Economic Development Corporation Divisional Budget Statement of Operations For the year ending Dec. 31, 2011 (in thousands of dollars) RESEARCH PARK

Annual

2011 2010 % 2011 Budget 2010 2009 2008 Budget Forecast - â&#x20AC;&#x2DC;10 Forecast Budget Prior Year Actual

Revenue External funding - Research Park

2,182

1,980

110%

2,374

1,929

1,826

Operating and program expenses - Research Park Operating and program expenses - Dell and TEC Operating Margin (Loss) from programs

2,127 1,000

1,900 1,000

112% 100%

2,114 1,000

1,969 1,000

1,710 1,131

(945)

(920)

103%

(740)

(1,040)

(1,015)

Other Expenses

1,158 975 119% 241 247 98%

1,082 247

986 253

833 205

Net operating surplus (deficit) from programs (2,344) (2,142) 109%

(2,069)

(2,279)

Direct Expenses

Depreciation and amortization Interest expense

Corporate overhead charge

(2,053)

363

353

103%

360

338

Net operating surplus (deficit) before COE funding (2,707)

(2,495)

108%

(2,429)

(2,617)

(2,337) 657 1,240

City of Edmonton tax levy funding - Research Park City of Edmonton tax levy funding - Dell and TEC

1,065 1,000

839 1,000

127% 100%

839 1,000

735 1,000

Net operating surplus (deficit) for the period

(642)

(656)

98%

(590)

(882)

284

(440)

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APPENDIX B -

2010 - 2013 Capital Program Leadership | Innovation | Recognition

Edmonton Economic Development Corporation 2010-2013 Capital Program (in thousands of dollars)

Budget Forecast 2011-2013 2010 2010 2011 2012 2013 Total

05-99-3002 Biotechnology Business 2,210 980 337 900 330 1,567 Development Centre 08-99-3003 Advanced Technology Centre 05-99-3004 Research Centre 1 - Building Upgrades

300

07-99-3005 Advanced Technology Centre

08-99-3006 Research Park - Southlands 08-99-3008 Gateway Park - Replacement

06-99-0004 Shaw Escalator

5,121

1,679

6,800

06-99-0004 Shaw Major Building Upgrades

2,030

1,500

1,957

2,524

5,981

4,540

3,310

7,258

4,536

2,854 14,648

Approved by City of Edmonton

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