A proposed $7-billion rail-served industrial hub straddling the Calgary–Rocky View County border has taken a key step forward with a new agreement involving the Canada Infrastructure Bank.
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The City of Calgary and Rocky View County have signed a memorandum of understanding with the federal agency to explore a potential investment in the Prairie Economic Gateway project, which is projected to generate more than 30,000 jobs during development.
The agreement follows a regional partnership struck in February and marks the first formal engagement with the federal government on the initiative.
Officials say the early-stage MOU with the Canada Infrastructure Bank will support ongoing technical and financial assessments to determine whether the project qualifies for future funding.
"The Calgary region received another signal of support with the Canada Infrastructure Bank signing a memorandum of understanding," Calgary Mayor Jyoti Gondek said in a statement. "This initiative will further our position as Canada’s strongest inland port, modernize trade and transportation networks, and create access to new markets."
The Prairie Economic Gateway is planned as a large-scale, rail-access industrial zone in southeast Calgary that would leverage existing transportation corridors to boost trade, strengthen supply chains and expand market access.
"The Prairie Economic Gateway is a leading example of regional collaboration, creating jobs and unlocking opportunities for local industry and investors," said Rocky View County Reeve Crystal Kissel. "Partnering with the Canada Infrastructure Bank strengthens our commitment to long-term economic success."
The municipalities are also in talks with the provincial and federal governments and are finalizing the terms of reference for a joint Oversight Committee to guide the project’s next phase.
Additional work now underway includes land use planning, discussions with the project’s lead developer — Shepard Development Corp. — and efforts to attract investment from both public and private sources.
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