The council of Calgary asked to produce an economic development investment fund (EDIF) that accounts to $10 million during on its meeting scheduled on Monday. Based on the Statistics Canada, there were almost 53, 000 jobs lost in Calgary, a region in Alberta, Canada. In other countries like North America, the purpose of EDIF is to create diversification and to work out with the economic downswing. Moreover, the city council released a report regarding the objectives of the said project: (1)Help create the right conditions for growth in the local economy, through efforts to strengthen industries and create new ones; (2) Diversify the local economy; (3) Leverage municipal funds for additional private and public sector investments into the community; (4) Create employment lands and stimulate employment; and (5) Create a return on investment (both direct and indirect). Councillor Richard Pootmans approves the deal for he believes that investments should be administered within the community because no one else will do this favor for the Calgary. Pootmans was recognized having a background in economic development prior entering politics. The 20 percent of the $10-million worth EDIF will be allotted to the 10 cornerstone arts organizations that include the Calgary Folk Music Festival, Theatre Calgary, and The Calgary Philharmonic Orchestra. While the municipal politician would likely consider this idea as he said that, arts is one of the primary factors why people visit their art galleries. The City administrators further stated that art organizations support the high quality of life in the region with an active metro and the economy is well-diversified.
