Economic Development – A Pillar for Olds’ Future

Economic development is a broad and vital focus area for our community, and it continues to be one of my top priorities.

Supporting existing businesses must remain a core objective. This includes providing coaching, training, and succession planning resources for our local retail and commercial sectors. Strengthening what we already have is just as important as attracting what’s new.

Another essential piece is revitalizing Uptowne and tackling the ongoing shortage of affordable and attainable housing. Both are crucial to sustaining a vibrant and inclusive community. Alongside this, we must address the rental market deficiency, ensuring that individuals and families who want to live and work in Olds can do so.

To broaden our tax base, the Town needs to attract light to mid-industrial and manufacturing investment. The closure of Sundial in 2023 cost Olds approximately $450,000 in annual revenue. With 70% of the Town’s $11.1 million in tax revenue (2024) coming from residential sources, diversification is not optional. It is essential.

My vision for Olds is to leverage the strengths of Olds College and the Olds Regional Exhibition to position our community as a Centre of Excellence in Agriculture, Ag-Technology, and Food Security. With these partnerships, Olds can become a hub for innovation and a leader in safe, sustainable, year-round food production.

However, attracting new investment is not without challenges. Olds is land locked, and much of the available industrial property presents barriers. The former Sundial facility, for example, was purpose built for greenhouse operations and would require significant retrofitting for other uses. The property’s asking price of approximately $29 million ($65 per square foot) further limits its appeal to new investors.

Meanwhile, the undeveloped land in the southeast would require an estimated $1–2 million in infrastructure investment to become development ready. This represents a high risk initiative that would likely require borrowing, with no guaranteed return.

Balancing opportunity and risk will be key. Through thoughtful planning, strategic partnerships, and responsible financial management, Olds can continue to grow sustainably while supporting both current residents and future generations.