A diversification strategy proposed by the City of Sault Ste. Marie will have $1.1 million in FedNor funds to help usher it toward success.
FutureSSM is a strategic plan proposed by the city to help expand on its economic development interests. It has four major pillars: economic growth and diversity, social equity, cultural vitality, and environmental sustainability.
The plan was developed following a community adjustment exercise in the wake of an economic downturn, caused in large part by the ongoing restructuring of the Algoma steel plant (formerly Essar Steel Algoma). Algoma has operated under the Companies' Creditor Arrangement Act since 2015.
“The support provided by the Government of Canada and FedNor will help the city move forward with this ambitious project. We are a resilient community with many assets to build on, none more important than our people,” said Sault Mayor Christian Provenzano in a July 12 news release.
“Thanks to this investment and through FutureSSM, I am confident we will diversify and strengthen our community as a whole in order to achieve lasting social and economic growth.”
The funds will support a number of community projects designed to strengthen the labour force and diversify the economy.
“I’m thrilled that the Government of Canada is helping our community in the face of current economic challenges,” said Sault MP Terry Sheehan, on announcing the funds.
“Investing in FutureSSM will help us mobilize and leverage community assets, and establish multi-faceted and broadly supported goals to stimulate and grow the economy of Sault Ste. Marie and the region.”