Just one more quick note this morning. I read yesterday that an economic development group “Alberta’s Industrial Heartland” won an IEDC award for it successful economic development.
It is estimated that this [the business investment attracted to the area] will result in an estimated increase property tax assessment of $130 million CDN and 3000 well paying fulltime jobs. All of this was accomplished without any incentives because under Alberta law this is not allowed. To put this into perspective, this would be like building four Hoover Dams.
I find it a little funny that they go out of the way to say “without any incentives” because it is the ‘law’.
I wonder if they are saying that tongue in cheek or with a straight face? A little Alberta humour to sneak past the Americans.
Here’s a little look at the ‘incentives’ provided by Alberta (or the Feds) in recent years to lure industry to that province (or sustain existing industry):
- Billions in royalty reductions to attract oil & gas development (enough to build at least one Hoover Dam).
- I haven’t got the exact figure but it is at least hundreds of millions and maybe more in agricultural subsidies to sustain the Alberta agriculture industry.
- Millions to grow a new biofuels industry in the province.
And that’s just a few quick examples.
It’s the law, folks. The law.