Cold Lake is taking a strategic step toward boosting local investment by applying for provincial funding to guide future commercial development. Council approved a grant request this week aimed at building a clearer blueprint for growth and making the city more competitive when new businesses are choosing where to locate.

Grant Deadline Sparks Quick Decision

At its 25 Nov. meeting, council agreed to submit an application to Alberta’s Northern and Regional Economic Development (NRED) Program. The City will seek $200,000 to fund a Commercial Development Strategy that would outline potential development sites, servicing requirements and design concepts.

Administration urged council to proceed quickly because the province’s deadline falls only days after the meeting. Staff noted the timing was tight, coming on the heels of election season, orientation for new councillors and the start of budget discussions.

The NRED program supports projects that strengthen regional economies, prepare communities for commercial investment or assist with feasibility work. Municipalities, Indigenous governments and economic development groups can apply, but projects must be ready to begin immediately and be completed within three years.

Commercial Growth Fits Council’s Early Priorities

City staff brought forward several possible project ideas, but the commercial development strategy stood out as the strongest match for the funding stream. Administration told council that the work could be finished within the required timeline and supports topics council has already identified in early strategic planning sessions.

The project would map out how future commercial areas could be built and serviced, giving the City a detailed framework to present to potential investors. Staff also reminded council that Cold Lake has used the NRED program before, securing $30,000 in 2023 to help plan for the 2026 Cold Lake Air Show.

Balancing Cost, Timelines and Consultant Requirements

Administration explained that any application must include pricing from external consultants, which added another layer of urgency given the short turnaround. They estimated a total project cost of roughly $200,000, which aligns with the funding structure of the NRED program, where grants range from $10,000 up to $300,000.

Council supported the recommendation and passed a motion authorizing the application.

Positioning for the Future

If funded, the Commercial Development Strategy will give Cold Lake a clearer picture of where and how it can grow its commercial footprint. The City hopes the work will strengthen business retention, attract new investment and provide a stronger case when developers compare communities across the region.

With the application now submitted, the City will wait for the province’s decision while continuing its broader strategic planning efforts.