Township to Update Economic Development Strategy and Invites Business Community Input

(Lake of Bays, ON) Following the recent drafting of a Community Improvement Plan, The Township of Lake of Bays is now set to update its Economic Development Strategy. This project aims to specifically focus on and reevaluate current economic development challenges, opportunities, and goals, and establish a framework to support future development and investment in Lake of Bays.

Business Community Survey
As an initial step, the Township is seeking input from local businesses and organizations through a survey. This survey aims to understand the major challenges faced by businesses in the community and their economic development needs. The community can participate in the survey at lakeofbays.on.ca/EDStrategy.

About the Economic Development Strategy
The Township’s previous 2017 strategy has served as a useful tool in advancing Lake of Bays’ economy. However, many significant changes have occurred since, affecting economic activity in Lake of Bays and across the world, including travel and tourism, virtual work habits, societal inequities, food insecurities, community events, housing affordability, and much more. Updating the Economic Development Strategy will allow the Township to address these types of challenges and support the evolving needs and resiliency of the community.

“Our community has experienced significant changes in the past few years which have deeply impacted our economic landscape,” says Stephen Derraugh, Economic Development Officer for the Township of Lake of Bays. “We encourage local businesses, organizations, and residents to actively participate in our upcoming surveys and workshops. Your input is invaluable in helping us formulate a strategy that accurately reflects the needs and aspirations of our township. Together, let's pave the way for a thriving and sustainable economic future for the Township of Lake of Bays.”

For more information and to stay up to date with the Economic Development Strategy, visit lakeofbays.on.ca/EDStrategy.

Project Timeline

• Early Priorities (September 2023): Staff and consultants strategically consider previous concerns and values expressed by our businesses and residents to direct public engagement for the Economic Development Strategy
• Public Engagement (November 2023 to February 2024): Conduct surveys to capture businesses’, community members’, and community organizations’ thoughts on the best opportunities, challenges, concerns, and ideas related to economic development. Host Community Workshops where businesses, organizations, and residents will be invited to share their perspectives on the proposed goals and tactics of the updated strategy.
• Draft Strategy (March 2024): Share survey and engagement findings, along with the draft strategy, for public review.
• Strategy Presentation to Council for Approval (April 2024).

-30-

Media Contact:
Stephen Derraugh – Economic Development Officer
Township of Lake of Bays
sderraugh@lakeofbays.on.ca
705-635-2272 ext. 1235