London: Londoners got an up close look this morning at the job and economic opportunities that lie ahead with the development of the 401 east corridor. Mayor Fontana was joined by Councillors and representatives of various business and labour groups, with the release of a major economic impact analysis/justification report.
The 100 page report details the history of the corridor, development along the roadways in neighbouring municipalities, the economic impact to those communities, as well as current and projected growth and investment trends in the region.
The report’s authors, Sergio E. Pompilii & Assoc. Ltd., provided a detailed analysis of the job creation numbers, increased population and economic base that could be achieved when the Urban Growth Boundary is adjusted east to the city limits, to include the 401 east corridor.
The report indicated that opening this corridor will put London on an even playing field with the Kitchener/Waterloo region and communities further east and west. Investors looking for a building site and connection to the NAFTA highway will be able to put London at the top of their potential site list.
Mayor Fontana encouraged business and labour leaders to review the report in detail. He said, “The information and analysis provided in the report points us in the right direction. If the city’s priority is jobs and growth, then we need to really be open for business and encouraging the public/private partnerships that can get shovels in the ground and people working.”
The Mayor said Londoners must look closely at what has been accomplished in other centres and how growth patterns evolved and impacted those urban centres. “We have to face the fact that the trip to the GTA is getting shorter every year because building and growth is moving our way; major expansion is following the roadway to the west and the east. London must manage that growth and development so it benefits the city and our quality of life”.
Justin Pompilii presented key points from the report. He said, “The establishment of the 401 east corridor is a long-term commitment. It represents a significant opportunity that occurs in the development of a municipality of London’s size every 40 to 50 years.
It will kick-start and pave the way for strategic and sustained economic growth. The 401 east corridor is a diamond in the rough that should now be utilized to compete with the Kitchener/Waterloo Region and fully interact with the Toronto-Centred Region”.
The report will go to Council and a copy of the complete report will be posted on the Mayor’s pages at www.london.ca. A copy has also been attached to this email.
