Hopes are high at London city hall that Thursday's budget will see a $40-million commitment to help create massive tracts of new industrial land.
Dubbed London's number one job creation priority, more details of the plan were released Wednesday.
The city's $120-million plan to create 200 hectares of shovel ready industrial land along the 401-402 corridor is taking shape.
But a lot is riding on Thursday's provincial budget-- and a $40-million request.
"We have to find jobs for Londoners and the first step is getting your land ready so companies can see you are open and ready for business," says Joe Swan of the Investment & Prosperity Committee.
A new report estimates how many jobs will be created by the project.
If you don't count the 4000 temporary construction jobs and focus on the 4600 permanent full time positions, the $120-million price tag works out to roughly $26,000 per job.
But the city manager says that calculation is an over-simplification.
"It's a longer term return on investment. It's the jobs, the taxes, the spin offs, the feeder industries that get involved," says Art Zuidema, City Manager.
"Leave that to the spin doctors as to how many jobs will be created. I think one job at a time," says Swan.
Zuidema is recommending city council move forward with a business case to set up an arms-length corporation to oversee the project with an independent board of directors.
He dismisses concerns that such a high priced endeavor with taxpayer money should be handled external to city hall and with less direct public oversight.
"There is accountability of that organization to council. It is not like we are losing a line of accountability, we are gaining expertise," says Zuidema.
Councillors will debate an implementation plan for the industrial land strategy on Monday
