One Elora Street here is emerging as the preferred location for the Town of Minto’s proposed creative business incubator project.
Consultant Linda Reader presented the results of a feasibility study on the project to Minto council on Aug. 6.
The feasibility study, completed with the assistance of funding from the provincial culture ministry, focused on suitable locations, target businesses, best options for governance and economics of all available locations.
Two locations, One Elora Street in Harriston and the second floor of the OPP station in Palmerston, were selected as the best options from among all local properties available for purchase or rental.
“An economic analysis showed that both locations were financially feasible, although the availability of the OPP station was uncertain at the time of the report,” Reader stated.
The report concluded that, in addition to economic feasibility, “ a desirable location should satisfy non-quantifiable factors such as being visible in a business district, being surrounded by like business uses, being accessible to local business, being located in a prosperous business district and being central to the entire community.”
Reader’s report projects the facility could generate a “small surplus” annually in either location.
“The OPP station, however, does not have complete information…which could change the picture substantially.
The report indicates start up costs of $28,800 would be required for the Harriston location, which currently houses a mix of business and residential units in a building located on the northwest corner of Elora and Arthur Streets. The report indicates known start-up costs at the Palmerston location would be nearly $14,000 but that most major costs are “unknown.”
Reader said the next steps in the process would be to create a marketing plan and factor the project into the town’s 2014 budget projections.
A business incubator assists start-up businesses during the first years by providing such services as affordable rental space, shared resources and management and organizational training for inexperienced business owners. Minto has elected to focus on attracting business in creative fields to the incubator.
Reader told council the town appears to have a higher percentage of youthful entreprenurs than most similar communities. As survey of local business owners shows about 60 per cent to be under 40.
“Generally in rural townships you’re seeing young people move out. Here you’re seeing the majority of people, 60 per cent, having business are under the age of 39. That’s very, very unusual,” said Reader, adding that although only 20 interviews were done for the study, “this is a very positive sign for Minto.”
Mayor George Bridge commended Reader for her work on the study.
“Well done and I know the economic development committee is excited about working on this,” he said.
Council passed a motion approving the report.
