—CEO Ron Gilbertson says vibrant urban cores drive economic growth

Edmonton Economic Development Corp. (EEDC) is in support of the vision to build a new entertainment/arena district in downtown Edmonton.

“Vibrant urban cores drive economic growth,” says EEDC President and CEO Ron Gilbertson. “A new downtown entertainment and arena district will generate more hotels, restaurants and businesses, which would reenergize downtown Edmonton and create employment for the construction and service industries.

EEDC developed a high level estimate of economic activity associated with the downtown revitalization project. This analysis is based on publicly available information as well as preliminary information provided by the Katz Group.

EEDC’s estimates indicate the following:

· A new entertainment/arena district has the potential to increase jobs and wages. Construction on the scale the Katz Group is planning for could create over $1.25-billion in wages and 30,000 person-years of employment in Edmonton.

· A downtown entertainment/arena district could increase the number of people working and playing in the downtown core. The development plan has the potential to increase the capacity of workers in the downtown core by approximately 6,000 – an almost 10 per cent increase from current levels. When fully operational, the wages generated from the services in the district could be up to $60-million annually.

· An entertainment/arena district will be a catalyst for increased private sector development and have a positive impact on tourism, property values and the safety of our streets.

These figures are intended to provide an order of magnitude for the scope and scale of the project. The actual wages and jobs created will be subject to change as the project moves through the inevitable iterations that occur in any large scale development plan.

“At this early stage in the development all indicators are that a new downtown entertainment and arena district will enhance Edmonton’s economy, its attractiveness as a tourist destination and its overall appeal as a great city - to live, work and raise a family in,” concludes Gilbertson.

Media Contact:
Cathy Ennis, Communications Manager
Edmonton Economic Development Corp. (EEDC)
Ph: 780.917.7894
Email: cennis@edmonton.com

Edmonton Economic Development Corporation (EEDC) provides leadership in economic development, markets Edmonton as a must-see destination, manages the Shaw Conference Centre and Edmonton Research Park, and acts as a stakeholder in TEC Edmonton, a joint venture with the University of Alberta. For more information, visit www.edmonton.com. Learn more about Edmonton through the stories of people who've experienced it at www.edmontonstories.ca