A seven-month strike at the Shaw Conference Centre last year helped drive a year-end net loss of $2.1 million at Economic Development Edmonton.

The figures were revealed in EDE’s financial results released at its annual general meeting last week.

EDE had predicted the strike would cost $1.9 million. EDE was able to offset the costs by transferring, with permission from city council, money from three separate reserve funds.

This included $800,000 from the City of Edmonton Convention Centre Reserve Fund, which is controlled by the city; $750,000 from EDE’s Legacy Fund; and $500,000 from a convention centre revenue stabilization fund.

Aside from strike costs, EDE also reported a net operating loss of $740,665. This was the result of the incremental labour costs of operating the conference centre at full capacity, as well as unbudgeted restructuring costs and a special review of EDE’s financial operations.

While it was a challenging year for EDE, president and CEO Allan Scott said at the meeting that there had been solid achievements.

EDE launched Deal Generator, which helps early and startup companies attract potential investors by helping them polish their business plans and presentation skills. In three months of operation, 28 qualified investors were registered with the program and three entrepreneurs made presentations at the first investor program in December. EDE is also trying to establish a venture capital seed fund.

Another EDE initiative launched in 2002 was VenturePrize, intended to provide more concrete help to budding entrepreneurs.

EDE is currently seeking a new brand for Edmonton. “It is not about sloganeering or changing the City of Champions signs – it is about marketing a brand identity for the region,” said Scott.

“Branding will only occur if we capture an image that effectively sells the region and resonates with our citizens.”

Mayor Bill Smith noted that nearly 15,000 jobs were created in Edmonton last year and predicted 2003 would bring even more growth.

Scott pointed to other positive economic indicators:

* Housing starts in the Edmonton region surpassed a record 12,500 in 2002 and are expected to be at 8,700 for this year.

* Retail sales grew by 8.1 per cent last year and are projected to grow five per cent this year.

* Plans are going ahead for construction of Hall D at the Shaw Conference Centre. The $30-million project will add 26,900 sq. ft. of exhibition space to the current 115,000 sq. ft.

It will be able to accommodate 2,000 people at a meeting and 1,400 for dining.

“Once again, you will see a big crane rising over downtown Edmonton,” said Scott.