Title
Authorization to Enter into One-Year Membership Agreement with Canada Arizona Business Council (Ordinance S-43215)
Description
Request to authorize the City Manager, or his designee, to enter into a contract with the Canada Arizona Business Council (CABC) for foreign direct investment outreach services. Further request authorization for the City Controller to disburse all funds related to this item in an amount not to exceed $25,000.
Report
Summary
In order for the City of Phoenix to enhance its competitive position to secure Canadian capital investment in strategic projects, it must implement initiatives that both support business investment and job creation by Canadian-based companies as well as attract Canadian sourced capital to invest in projects in Phoenix, including infrastructural investment.
In Fiscal Year 2015-16 the City entered into an agreement with CABC. Through this relationship, the CABC has facilitated introductions to numerous Canadian-owned businesses with a presence in this market. This year, the CABC has provided more than 100 leads, reports, and data updates on Canadian investment opportunities. One significant outcome of the support provided by the CABC is the recent relocation of the BMO Harris Bank to the former Viad Building in Midtown Phoenix. CABC also facilitated outreach including a "P3" (public-private partnership) focused workshop on infrastructure and capital markets. In addition, CABC continues to work with Canadian airlines on increasing flights between Canada and Arizona.
Phoenix has seen $2.8 billion in foreign real estate investments since 2015, $1.2 billion of that has been from Canada. By extending our relationship with the CABC, the City will continue to have access to critical intelligence on the interest and level of engagement of Canadian-owned business and investors.
Contract Term
The contract term will be for one year.
Financial Impact
The contract value will not exceed $25,000. Funds are available in the Community and Economic Development CIP budget in the Community Reinvestment Fund. There will be no financial impact to the General Fund.
Concurrence/Previous Council Action
The Downtown, Aviation, Economy and Innovation Subcommittee unanimously recommended approval of this item on Jan. 4, 2017.
Department
Responsible Department
This item is submitted by Deputy City Manager Paul Blue and the Community and Economic Development Department.