Following a community analysis, the Town of Cochrane presented its Economic Development Strategy (EDS) to council members, who adopted the document on March 11.
The EDS is intended to act as a guide for those looking to do business in Cochrane, and showing that the town is working to influence and support local economic progress.
Three main objectives have been targeted as economic strategic priorities for the next three years. They included: Improve Cochrane’s current business environment; increase economic diversity; and maintain Cochrane’s quality of place. These objectives work in partnership with seven strategies and 31 action items.
“We had a definite strategy-creation process,” said Mike Korman, economic development manager for the town, as to how they were able to pinpoint these objectives. “As we went through, we gained statistical analysis from the community.”
Mayor Truper McBride and council members were excited about the EDS, commending Korman and administration for being able to identify an economic strategy that stakeholders could associate with.
“Many people felt we were on the right track,” said Korman of the reaction they heard during a Feb. 12 open house.
McBride highlighted Cochrane’s population and age composition as a key finding of the analysis.
“This, I think, is a very accurate snapshot of where Cochrane is and the issues that we are grappling with,” said McBride, “and if we want to do what’s laid out in here, we have to understand what Generation Y is asking for and what things they need to be successful. That is where the labour force is, that is where the future of this region is lying and that is where Cochrane has a mass exodus.”
McBride said Cochrane is missing fundamental infrastructure, resulting in young residents who graduate from high school to leave the community to make their money.
Councillor Ivan Brooker questioned whether any post-secondary educational institutions were looking at Cochrane for a satellite office, and what the town’s role in negotiations between landowners and potential businesses would be.
Korman, using a university or college as an example, said the town essentially acts as a ‘middle man’ between the landowner and the potential institution.
Kathy Dietrich, senior manager of planning and engineering, said the town was in constant contact with several educational institutions, and that they are not interested in developing ‘big brick and mortar’ schools that require large parcels of land, but are focusing more on smaller offices.
Councillor Ross Watson addressed commercial rates, saying that when compared to other regional municipalities, businesses have told him that Cochrane lacks a good variety of commercial space to rent.
“They also believe that Cochrane has very high commercial square footage rates,” said Watson, asking Korman what availability is currently like and what the cost is compared to other municipalities.
“We don’t have much lease or buy-type retail currently,” said Korman, “so it is low. They are, square-footage wise from a price perspective, comparable to some Calgary leases that I’ve seen.”
Korman said according to icx.ca, the cost to lease in Cochrane ranges from $14-$21 per square foot.
Conducted through Stats Canada, analysis that led to the creation of the EDS included interviews with individuals, business and focus groups, and aimed to identify current and future opportunities and challenges for business development in Cochrane.
Additional information was gathered through researching past studies and reports by the town, as well as external agencies like Rocky View County, the Calgary Regional Partnership and the province.
The analysis deduced numerous Cochrane characteristics, such as it being a growing, affluent, educated and family-oriented community.
With its geographic location — close to Calgary to the east and Ghost Lake, Kananaskis, Canmore and Banff to the west — and swelling population over the past few years, the town believes this leads to quality public services in health and education and a community where prosperity is enjoyed by most residents.
With a high percentage of residents being educated, Korman highlighted several occupations that ‘seem to have an edge on neighbouring communities,’ and they include management, business, finance, health, art, culture and recreation.
Industries currently thriving in Cochrane, according to the EDS analysis, are health, education, retail trade and food and accommodations.
Korman said that 82 per cent of residents hold a college diploma or university degree, and that Cochrane has the highest annual income in the region at $83,000.
Korman also said a very high proportion of businesses in Cochrane are home-based, at 40.7 per cent.
Councillor Jeff Toews suggested the town develop some kind of tutorial for small, local businesses on how to thrive in an environment with big-box retailers, like Wal-Mart, which is expected to open on the Quarry site Christmas 2013.
