Item - 2024.EC16.2

The Economic and Community Development Committee recommends that:

1. City Council adopt Sidewalks to Skylines: An Action Plan for Toronto's Economy 2025-2035, as outlined in Attachment 1 to the report (October 8, 2024) from the General Manager, Economic Development and Culture.

2. City Council direct the General Manager, Economic Development and Culture and other relevant divisions, to include the staffing and resources required for Action Plan implementation for consideration through the 2025 Budget Process and subsequent years.

3. City Council direct the General Manager, Economic Development and Culture, in partnership with relevant divisions, to implement the actions in Sidewalks to Skylines: An Action Plan for Toronto's Economy 2025-2035, and report annually to the Economic and Community Development Committee on the progress of implementation, with the first annual report back by the first quarter of 2026.

4. City Council direct the General Manager, Economic Development and Culture, in consultation with relevant divisions, to identify success indicators or relevant tracking measures for actions identified in the 2025-2029 Five-Year Work Plan as outlined in Attachment 1 to the report (October 8, 2024) from the General Manager, Economic Development and Culture, in its first annual report back report to the Economic and Community Development Committee.

5. City Council direct the General Manager, Economic Development and Culture, in consultation with relevant divisions, to report to the Economic and Community Development Committee in the fourth quarter of 2029 on the implementation of the actions in the Five-Year Work Plan and on a new five-year work plan for the second term of the Action Plan for Toronto's Economy, spanning 2030-2035.

6. City Council direct the General Manager, Economic Development and Culture, to develop a major event bidding and hosting strategy in partnership with Destination Toronto, other orders of government, stakeholders from the private sector and the hospitality industry and report back to the Economic and Community Development Committee by the fourth quarter of 2027.

7. City Council direct the General Manager, Economic Development and Culture to develop a growth management strategy for Business Improvement Areas to enhance the formation, management, support, and coordination between and governance of Business Improvement Areas and report back to the Economic and Community Development Committee by the fourth quarter of 2025.

8. City Council direct the General Manager, Economic Development and Culture, in consultation with the Director, Indigenous Affairs Office, to partner with local Indigenous Nations, organizations, groups, businesses, and community members to co-develop an Indigenous Economic Strategy and report back to the Executive Committee by the fourth quarter of 2026.

9. City Council authorize the General Manager, Economic Development and Culture to apply for, negotiate and enter into agreement(s) with other governments, institutions, agencies, and vendors as required to advance the Action Plan for Toronto's Economy (2025-2035), including partnership agreements, data sharing agreements, and funding agreements, in a form acceptable to the City Solicitor.

10. City Council forward the Action Plan for Toronto's Economy (2025-2035), as outlined in Attachment 1 to the report (October 8, 2024) from the General Manager, Economic Development and Culture, to the following organizations and agencies for their consideration: Destination Toronto, PortsToronto, and the Greater Toronto Airports Authority.

11. City Council forward the Action Plan for Toronto's Economy (2025-2035), as outlined in Attachment 1 to the report (October 8, 2024) from the General Manager, Economic Development and Culture, to the following provincial ministries for their consideration: the Ministry of Economic Development, Job Creation and Trade; the Ministry of Finance; the Ministry of Municipal Affairs and Housing; the Ministry of Labour, Immigration, Training and Skills Development; the Ministry of Children, Community and Social Services; and the Ministry of Tourism, Culture and Gaming.

12. City Council forward the Action Plan for Toronto's Economy (2025-2035), as outlined in Attachment 1 to the report (October 8, 2024) from the General Manager, Economic Development and Culture, to the following federal departments and agencies for their consideration: Department of Finance Canada; Employment and Social Development Canada; Federal Economic Development Agency for Southern Ontario; Innovation, Science and Economic Development Canada; Transport Canada; Destination Canada; Invest Canada; and Global Affairs Canada.

The Economic and Community Development Committee recommends that:

1. City Council adopt Sidewalks to Skylines: An Action Plan for Toronto's Economy 2025-2035, as outlined in Attachment 1 to the report (October 8, 2024) from the General Manager, Economic Development and Culture.

2. City Council direct the General Manager, Economic Development and Culture and other relevant divisions, to include the staffing and resources required for Action Plan implementation for consideration through the 2025 Budget Process and subsequent years.

3. City Council direct the General Manager, Economic Development and Culture, in partnership with relevant divisions, to implement the actions in Sidewalks to Skylines: An Action Plan for Toronto's Economy 2025-2035, and report annually to the Economic and Community Development Committee on the progress of implementation, with the first annual report back by the first quarter of 2026.

4. City Council direct the General Manager, Economic Development and Culture, in consultation with relevant divisions, to identify success indicators or relevant tracking measures for actions identified in the 2025-2029 Five-Year Work Plan as outlined in Attachment 1 to the report (October 8, 2024) from the General Manager, Economic Development and Culture, in its first annual report back report to the Economic and Community Development Committee.

5. City Council direct the General Manager, Economic Development and Culture, in consultation with relevant divisions, to report to the Economic and Community Development Committee in the fourth quarter of 2029 on the implementation of the actions in the Five-Year Work Plan and on a new five-year work plan for the second term of the Action Plan for Toronto's Economy, spanning 2030-2035.

6. City Council direct the General Manager, Economic Development and Culture, to develop a major event bidding and hosting strategy in partnership with Destination Toronto, other orders of government, stakeholders from the private sector and the hospitality industry and report back to the Economic and Community Development Committee by the fourth quarter of 2027.

7. City Council direct the General Manager, Economic Development and Culture to develop a growth management strategy for Business Improvement Areas to enhance the formation, management, support, and coordination between and governance of Business Improvement Areas and report back to the Economic and Community Development Committee by the fourth quarter of 2025.

8. City Council direct the General Manager, Economic Development and Culture, in consultation with the Director, Indigenous Affairs Office, to partner with local Indigenous Nations, organizations, groups, businesses, and community members to co-develop an Indigenous Economic Strategy and report back to the Executive Committee by the fourth quarter of 2026.

9. City Council authorize the General Manager, Economic Development and Culture to apply for, negotiate and enter into agreement(s) with other governments, institutions, agencies, and vendors as required to advance the Action Plan for Toronto's Economy (2025-2035), including partnership agreements, data sharing agreements, and funding agreements, in a form acceptable to the City Solicitor.

10. City Council forward the Action Plan for Toronto's Economy (2025-2035), as outlined in Attachment 1 to the report (October 8, 2024) from the General Manager, Economic Development and Culture, to the following organizations and agencies for their consideration: Destination Toronto, PortsToronto, and the Greater Toronto Airports Authority.

11. City Council forward the Action Plan for Toronto's Economy (2025-2035), as outlined in Attachment 1 to the report (October 8, 2024) from the General Manager, Economic Development and Culture, to the following provincial ministries for their consideration: the Ministry of Economic Development, Job Creation and Trade; the Ministry of Finance; the Ministry of Municipal Affairs and Housing; the Ministry of Labour, Immigration, Training and Skills Development; the Ministry of Children, Community and Social Services; and the Ministry of Tourism, Culture and Gaming.

12. City Council forward the Action Plan for Toronto's Economy (2025-2035), as outlined in Attachment 1 to the report (October 8, 2024) from the General Manager, Economic Development and Culture, to the following federal departments and agencies for their consideration: Department of Finance Canada; Employment and Social Development Canada; Federal Economic Development Agency for Southern Ontario; Innovation, Science and Economic Development Canada; Transport Canada; Destination Canada; Invest Canada; and Global Affairs Canada.

The General Manager, Economic Development and Culture gave a presentation on Sidewalks to Skylines: Action Plan for Toronto's Economy 2025-2035.

It has been over a decade since the launch of Collaborating for Competitiveness, the City of Toronto’s last plan to advance economic development, with a focus on job creation and economic growth. Since then, new trends, challenges, and opportunities have emerged both at the global and the local level, reshaping the city's and regional industry competitiveness, supply chains, workforce dynamics and land use pressures. Given its fundamental strengths, Toronto is well positioned to face these challenges and leverage opportunities toward an economy that is competitive, inclusive, and advancing towards net zero emissions. Achieving this vision, however, will require a long-term plan with impactful actions, dedicated resources, and intentional and collaborative coordination with partners. Before aspirational targets for inclusive and sustainable economic growth can be met, the integrity of basic City services and the foundation they create for economic growth must first be addressed. This Action Plan sets out a vision to both get the basics right and set an aspirational agenda to drive Toronto's economy forward, confronting its challenges and leveraging its many strengths.

Guided by this bold vision, Sidewalks to Skylines - an Action Plan for Toronto's Economy (2025-2035) provides a roadmap for the City to strategically maximize its levers and collaborate with its partners to enhance Toronto's economy with a focus on livability, inclusivity, and prosperity in the next ten years. The Action Plan is the result of robust research and analysis of best practices in other jurisdictions, as well as extensive engagement and consultation with over 1,000 stakeholders, including business leaders, academics, small businesses, business associations, major employers, institutions, community coalitions, labour unions, and residents. It identifies three priorities: Strong Main Streets, Quality Jobs, and Global Competitiveness. These priorities are anchored by a foundational priority, Getting the Basics Right, which focuses on key City levers to improve quality of life and enable a business environment that optimizes conditions to achieve broader economic ambitions and facilitate economic prosperity.

The success of the Action Plan will be dependent on effective partnerships; it will also depend on the access to resources and revenues commensurate with the City's responsibilities as a municipal government to support Toronto's role as Canada's leading global centre for commerce, creativity, and capital. To guide these efforts, in addition to a five-year work plan, the Action Plan highlights 29 leading actions, including 10 to strengthen the foundation and 19 to advance the priorities to drive meaningful change. To monitor the progress of the Action Plan, each of the 29 leading actions is accompanied by one or more success indicators. Progress will be reported to City Council on an annual basis.

In 2030, informed by the success of and lessons learned from the first five years, a new five-year work plan responsive to the economic context of the time will be presented for consideration by City Council. Through the implementation of the Action Plan, the City will help advance liveability, inclusion, and shared prosperity beyond the traditional measure of economic growth in partnership with other organizations and for all communities across Toronto.