Beaumont Council cleared the final hurdle Thursday to establish an innovation park in the city.
The initiative will create a place for businesses and investors to pursue innovation in fields such as autonomous technology, artificial intelligence, virtual reality and data management, to name only a few possibilities. Council’s vote this week approved a bylaw to borrow $10 million for the park, including the purchase of approximately 160 acres (65 hectares) of land within the city.
“Beaumont is a community that embraces bold ideas and the innovation park will be home for entrepreneurs and businesses who dream big and want to grow their company,” said Mayor John Stewart. “We’ve worked hard in recent years to cut red tape and make it easier to start or grow a business in the city. Our location, young and well-educated population, and the innovative culture we’ve built in the city administration make Beaumont an ideal place to test emerging technology and ideas for scalability.”
A prospective tenant has already committed $1 million towards the park and has plans for a significant overall presence. The tenant has requested confidentiality while they finalize commercial considerations.
Purchasing the land enables the city to move the project forward faster and ensure the types of businesses in the park are a fit for the community. Details of the land purchase, such as location, will be released publicly pending closure of the sale.
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