Mission, BC—The City of Mission is working to establish its own economic development corporation to act as a catalyst in the City’s economic growth. Mission Bridgehead Investment Corporation is being formed without increasing property taxes, and will support local businesses and attract new businesses to invest in Mission.
“Today is an exciting day,” said Mayor Paul Horn. “Today, Mission is telling the world that we are open for business and ready to come to the table as partners. By creating an economic development corporation, we are saying that we are not satisfied with simply waiting for opportunity. Today, we are letting the market know that Mission should be known for our vision, our attributes, and our expectations.”
The economic development corporation will operate at a city-wide level and its initial focus is to advance the Waterfront Revitalization Initiative, in addition to being well-positioned to facilitate re-development of underutilized industrial lands. These activities will strengthen investment interest in Mission while ensuring community values are maintained.
A City-owned economic development corporation combines the benefits of corporate responsiveness without losing sight of public good.
A community-led model is a familiar and successful one in Mission. In 1958, the Mission Municipal Forest was formed with Tree Licence 26. The revenues from this venture have supported many familiar facilities and projects, such as the Boswyk Senior’s Activity Centre, Mission Library, Norwood Portable Sawmill for Mission Senior Secondary, donations to the Fraser Valley Health Care Foundation, and more.
City-owned economic development corporations only operate in the city of their founding. They work to align land use plans with economic development opportunities by reducing barriers that individuals cannot overcome on their own. They are champions for the community and have innate knowledge of the City’s strengths, processes, and comparative advantages.
The City of Mission will be the sole shareholder of Bridgehead. The operational mandate of the corporation is to be self-funding, generate profit, and pay dividends to the City. Bridgehead will focus on business opportunities that align with the City’s vision and strategic and community plans with the goal of improving the quality of life in Mission.
“We have learned that communities with active and strategic economic development corporations are generally far more successful in developing master-planned communities; sophisticated cultural and recreational amenities; and transit-oriented, environmentally innovative designs,” said Horn. “We need a framework that will allow the City to readily seek out and develop partnerships with major developers and other orders of government to help us realize our goals in a way that won’t overburden taxpayers.”
Come learn about Mission’s plans for an economic development corporation at the upcoming public information meeting:
Location: Leisure Centre
Date: Nov. 9
Time: 2 p.m. – 4:30 p.m. & 6:30 p.m. – 8 p.m.
Online: engage.mission.ca starting Nov. 10 to Nov. 17
“Bridgehead can negotiate a wider variety of commercial relationships with developers, builders, and other agencies in the form of partnerships, joint ventures and equity opportunities. Through these transactions, Bridgehead will be able to maximize the absolute value of the city’s landholdings and to generate a long-term revenue stream to Mission.”
—Councillor Mark Davies
“I am excited to see the corporation form, to not only benefit the waterfront development, but to support all growth and development opportunities in our community.”
—Councillor Angel Elias
“The Economic Development Corporation is built on one fundamental question: How can we improve the quality of life for our residents? The corporation’s goal is to create a more dynamic, sustainable, and well-rounded community that fosters both economic expansion and social well-being for future generations!”
—Councillor Jag Gill
“It is timely for Mission to embark on forming an economic development corporation.
It will stimulate economic development and employment. The development corporation will energize and accelerate our Waterfront development.”
—Councillor Carol Hamilton
“The new corporation will assist in providing stability and confidence on how we navigate towards our discussions in the future in relation to economic activity.”
—Councillor Ken Herar
“The creation of an economic development corporation is a bold initiative of the City. It will enhance economic opportunities within the City and drive our Waterfront Revitalization Plan forward at a time of exciting growth in our community.”
—Councillor Danny Plecas