4 minute read
Nothing Ventured, Nothing Gained
Nothing Ventured, Nothing Gained
Michelle Pinon - News Advertiser
Nothing ventured, nothing gained. It’s a common expression that emphasizes the importance of taking risks in order to achieve success.
In the same vein, the Village of Ryley is seeking entrepreneurs who are interested in taking a chance to open a downtown retail business in the community.
On Jan. 13, the Village announced that the “window of opportunity” was open. The announcement, posted on its website stated: “The Village of Ryley is now offering downtown retail business venture space on Main Street. The Ryley Business Incubator is now available to build to suit for one or two retail businesses.”
If you have an idea and you are interested in operating your business in Ryley, this may be your best prospect. The Village is offering a flexible and subsidized lease program and actively engages in cooperative business support to its businesses, especially its business incubator occupants.
The current low number of retail businesses in the area makes this a great time to break into a hungry market with little competition. The Village is highly motivated to energize economic development and seeks to build and support retail businesses in the central business district on Main Street and Railway Avenue.”
Glen Hamilton-Brown, Chief Administrative Officer for the Village of Ryley, said, “The Business Incubator is designed and intended to increase the retail outlets in Ryley. So, firstly, as businesses grow, the need will reduce for residents to travel outside of the Village for some goods and services. Secondly, as the number of businesses grow, the tax base will grow, and this will reduce the individual tax burden for everyone. Thirdly, as Ryley businesses grow, the Village of Ryley will attract more residents and more commerce.”
Even though it has only been a short time since the initiative was announced, Hamilton-Brown said, “There are two potential applicants that have already expressed interest. Depending on the progress of these negotiations and other potential partners that might still approach the CAO before decisions are made, selection will be based on a balance of:
1. potential for success;
2. space requirements to provide for more than one partner, if appropriate; and
3. all things being equal, a first-come, first-served basis.
Hamilton-Brown noted that, “The Ryley Business Incubator is an 800 sq ft (74 m2) retail building on Main Street in the Village of Ryley. The Village purchased the property in May 2021 for this Economic and Business Development Initiative.
3 Kings Hub, a food, snack, drink, and grocery service was the first Village Incubator Project. The Municipal Office worked with 3 Kings Hub to share costs to renovate the building to suit. Costs were negotiated and shared as part of the initial start-up agreement. Each business is unique so the municipal office would work with the business to negotiate the renovation requirements.
In terms of requirements from a business or businesses? Hamilton-Brown said:
· The Business(es) would need to provide a three-year business plan and to work with the Chief Administrative Officer (CAO) to establish a path to become able to independently operate in Ryley without municipal assistance.
· During the period of occupation in the incubator building, businesses would need to always share full disclosure of financial and administrative operations with the CAO: to provide proof of need for continued subsidization; to collaborate for success; and to consider adjustment of the plan as needed.
· The CAO would always provide full protection of business confidentiality under provision of the Alberta Freedom of Information and the Protection of Privacy Act (FOIP).
· The Business(es) could in no manner whatsoever be considered as a pecuniary interest or a conflict of interest to any councillor or employee of the Municipality of the Village of Ryley.
As Council and the Municipal Office of the Village of Ryley are very eager to generate Economic and Business Development within Ryley, the terms and requirements are fully custom to any idea brought forth by an entrepreneur to the CAO.
