COLD LAKE/BONNYVILLE — Two local municipalities are getting provincial funding to do some of the behind-the-scenes work that could help bring new commercial and industrial investment to the Lakeland.

The City of Cold Lake and Municipal District of Bonnyville will receive a combined $227,500 through Alberta’s Northern and Regional Economic Development (NRED) Program, with both projects now underway.

Bonnyville-Cold Lake-St. Paul MLA Scott Cyr said the funding is about making sure communities are prepared when businesses and investors come looking for their next opportunity.

“Before the first shovel goes in the ground or a new business opens its doors, communities need to do the planning, build the business case and demonstrate to investors that they are ready for growth,” Cyr said.

Cold Lake preparing 75 acres for future development

The City of Cold Lake will receive $100,000 for planning and feasibility work involving more than 75 acres of municipally owned commercial land.

The work will examine what is needed to move the property closer to being development-ready and determine how it could best be brought forward for future commercial use.

For a community preparing for continued growth, including significant activity surrounding 4 Wing Cold Lake and the arrival of the F-35, having land ready for businesses is an important piece of the economic development puzzle.

Cyr said the land could eventually provide opportunities for existing businesses looking to expand, companies considering moving into the region and private investment that could add jobs and strengthen Cold Lake’s commercial tax base.

M.D. exploring potential industrial corridor

The M.D. of Bonnyville will receive $127,500 to develop a business case examining the feasibility of establishing an industrial corridor.

The study will look at the potential opportunity and what would be required to support future industrial development.

It could also give the municipality another tool when approaching companies considering investment in northeastern Alberta.

“Our region already has significant strengths in energy, agriculture, aviation and industrial development, and an industrial corridor could help position the M.D. to capitalize on those strengths, attract new projects and create opportunities for existing industries to grow,” Cyr said.

At this stage, the funding is for the business case, rather than construction of an industrial corridor.

Cyr said both grant agreements have now been finalized and work on the two projects is underway.

Planning now for future growth

While neither project comes with a ribbon cutting or a new building just yet, Cyr said that early planning can be what eventually gets projects to that point.

The Lakeland is already seeing significant economic activity tied to energy and agriculture, while aerospace and defence are expected to become increasingly important as investment surrounding 4 Wing Cold Lake grows.

Tourism, manufacturing and other industries also remain part of the region’s economic development efforts.

Cyr congratulated Cold Lake Mayor Bob Mattice, M.D. of Bonnyville Reeve Barry Kalinski, their councils and municipal teams for bringing the applications forward.

He also credited Jobs, Economy, Trade and Immigration Minister Joseph Schow and Parliamentary Secretary for Small Business and Northern Development Tany Yao for supporting economic development in northern and rural communities through NRED.

The goal now is to turn the planning dollars into something considerably bigger.

“Programs like NRED help communities do the groundwork necessary to compete for investment and turn regional opportunities into economic growth,” Cyr said.

For Cold Lake and the M.D. of Bonnyville, that groundwork is officially underway.