The Peterborough & the Kawarthas Economic Development Board of Directors has announced its intention to dissolve the corporation.
An official statement was released on Monday, with the move coming following written notice that The City of Peterborough and Peterborough County intend to change the delivery models of economic development and tourism and will not renew the tri-party Memorandum of Understanding between the City, County, and PKED, which expires on December 31st, 2024.
“As reports on new economic development and tourism models are being considered councils in June, we eagerly await the opportunity to review them and to identify opportunities for service continuity for the businesses and clients that rely on PKED. As a high-performing economic development agency, the health and vitality of the local economy are at the core of our mission, and our team has a vested interest in supporting a mutually beneficial transition” said Burton Lee, Chair of PKED’s Board of Directors.
Officials say staff will continue to deliver tourism, visitor services, destination marketing, economic development, business retention, investment attraction, and small business support services until the MOU is complete, while the City and County establish a new direction for this work.
“The critical value of our team’s knowledge, expertise, and relationships with local, regional, national, and international partners, businesses, investors, and media cannot be understated. It is our hope that the new models will include positions for our existing team of passionate and dedicated economic development professionals to continue serving the business community and attracting investment to the region” said PKED’s President & CEO Rhonda Keenan.
The establishment of the Greater Peterborough Area Economic Development Corporation (operating as PKED) in 1998 resulted from the 1997 GPA 2020: A Vision for Our Future process.