Our Promise to You

TEAM’s approach to economic development is to retain existing companies and help them grow, while attracting new businesses to Vancouver. As an ally of small, local businesses that neighbourhoods cherish, TEAM will improve affordability by mitigating the impacts of land speculation to keep local businesses from closing down or leaving the city.

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How We Will Get There

TEAM’s two-pronged approach to business acquisition and retention will be achieved by:

• Providing local economic development opportunities to leverage regional, provincial, and federal economic development initiatives led by Invest Vancouver and other agencies

• Protecting job-producing industrial and economic lands through the preservation of commercial, office, and industrial zoning

• Supporting the work of the City’s 22 Business Improvement Associations (BIAs) to address issues and opportunities raised by local business owners, reduce barriers to business establishment and operation, and leverage neighbourhood branding in community planning and development

• Retaining curbside parking in all neighbourhood business areas other than peak travel periods on arterial roads

• Lowering parking rates in neighbourhood business areas to support local shops and services

• Reducing the tax burden and regulatory costs for small businesses, such as insulating small businesses from excessive property tax increases from area upzoning

• Supporting local businesses during periods of construction

• Supporting the growth of the film and television industry through expedited permits for location filming, parking, and other regulatory considerations, and prioritizing opportunities for local suppliers and service providers."

• Supporting the work of Destination Vancouver and other destination marketing organizations to support the local visitor economy

• Streamlining permitting process for business establishment or expansion – from small local-servicing shops to major industries and large-scale employers

• Looking at the City of Vancouver’s procurement process to prioritize opportunities for local businesses 

 

The Issues

Vancouver needs a more diversified economy, and civic leadership to support business development and retention, the creation of well-paying jobs, and a supportive infrastructure of affordable housing and community amenities.​ Vancouver’s over-reliance on real estate development as a leading industry has made the city more vulnerable to economic boom and bust cycles, and continued displacement of local businesses and residents through land inflation.   

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TEAM Perspective and Action Plan

TEAM will foster local economic development in order to create and keep jobs in Vancouver, and to build resilience in the small business sector. Policies will be targeted to encourage a mix of businesses to support the needs of Vancouver residents and provide for a variety of employment opportunities.

Regional economic cooperation is critical in attracting larger companies, including multi-national entities. This is now being led by Invest Vancouver, an arm of Metro Vancouver.  It is incumbent on municipal governments to focus on local economic development, with a particular focus on the small business sector, and key locally-based industries.

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​Action Items

1. Protect existing industrial and commercially-zoned lands for future economic growth – meaning not rezoning these lands for primarily residential development.   

2. Support the development of a more diversified and resilient local economy that is not dependent on real estate development. This would be reflected in comprehensive land use planning, rezoning, and permitting processes with the goal of supporting business viability and job creation.

3. Utilize TEAM’s neighbourhood-based planning initiatives as a platform to engage the city’s 22 Business Improvement Associations, local businesses and residents in shaping the future of their local commercial areas.

4. Leverage City-owned commercial properties to support local economic development through targeted leasing and more affordable rents.

5. Reduce the property tax burden and regulatory fees for local small businesses;

6. Retain curbside parking and reduce parking rates in local commercial areas to support customer access and business viability.

7. Use the city's buying power in procurement to better support local businesses.

8. Work in collaboration with Destination Vancouver and other destination marketing organizations to support the local visitor economy.

9. Support the city’s established film and television industry through ease of permitting, parking issues and the use of city properties and facilities for film production - all issues of high importance to this sector;

10. Support the city’s convention industry by addressing concerns of event planners and visitors, such as crime and safety, community vibrancy, transportation, and other considerations.