Introduced by the City of Logan, the Investment Attraction Incentive Fund has already attracted four major companies representing the fields of social enterprise, home improvement, training and technology into the area.
As a result, it is expected that the local economy will be boosted by up to $34.28 million as well as the creation of 236 new jobs within the next year. The initiative’s aim is to attract new investment into Logan City in the form of business projects and operations that stimulate job growth and significant economic benefits.
David Hansen, Strategy and Sustainability Director for Logan City Council, welcomed the four new businesses describing it as a “wonderful thing for the city”, and adding:
“Council created the Investment Attraction Incentive Fund in an effort to attract and support businesses and investments in key strategic industries. These investments will stimulate significant economic and community benefits and diversity and add value to the wider regional economy beyond the growth of the business.”
Often the arrival of new businesses into an area can also increase demand for established enterprises such as retail and printing services.
Hansen said the next three years will see a total of $1.5m allocated from the fund to successful applicants.