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Rotorua District Council is set to establish a $7 million economic development fund to grow the Rotorua economy and to tackle local impacts from the global economic recession.
The 'Grow Rotorua Development Fund' is to be included in the council’s new ten year plan which is set for adoption on 29 June.
It will see $3.5 million allocated in each of the next two financial years
Mayor Kevin Winters said it was a bold and creative initiative that sends out a very strong message that Rotorua is not prepared to sit back and watch the local economy be trampled on by recessionary forces.
“We’re going to be tackling the recession head-on and providing some real stimulus to the local economy. We believe there are clear expectations from our community for the council to take a strong and active leadership role to that effect.
“And the council is absolutely determined for Rotorua to be well positioned to take real advantage of the economic recovery when that corner is turned.
Community feedback
Mayor Winters said the Grow Rotorua Development Fund was a proactive response to a raft of submissions to the draft ten-year plan, and to valuable feedback from businesses and business organisations.
“We listened to what the community had to say about keeping our local economy moving. This fund will allow strategic investment decisions to be made that will benefit the wider community and that will help counter the effects of the current economic downturn.
“We intend working closely with the business sector to develop specific policy that will ensure the development is effective in helping to grow Rotorua.”
The Grow Rotorua Development Fund will be used specifically for three key areas:
- reducing the impact of the economic recession on business and the community
- improving local GDP and growth beyond the recession period, and,
- improving community capacity by growing the economy, population, and new business and recreation opportunities.
Economic initiatives
Mayor Winters said that once the ten year plan is adopted at the end of this month, priority will be given to developing detailed policy around how the fund will operate.
He said the Grow Rotorua Development Fund policy will take into account a range of criteria including:
- the likely scale of any new enterprise that may be attracted,
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- the number of new jobs that any new enterprise would create, including skills, qualifications, and experience,
- the unique potential of any new enterprise to add vitality and variety to the local economy and community,
- The ability of any new enterprise to complement existing businesses,
- the track record of a new enterprise and those associated with it, in other communities or countries,
- compatibility with the district's current economy.
Other new economic initiatives which the council will include in the new ten year plan for 2009/10 include an extra $200,000 to boost the CBD revitalisation and Lakefront development projects, and $150,000 for attracting inwards investment and wealth creation – especially entrepreneurial activity that will create new jobs.
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