The recent purchase of a quarter section of land in the south end of the city secures a site for Beaumont’s Innovation Park and will help ensure the long-term sustainability of the community.

Sale conditions closed earlier this month on several parcels of land totaling 160 acres (65 hectares) immediately to the southeast of the intersection of Highways 625 and 814. The park will create a place for businesses and investors to pursue innovation in fields such as autonomous technology, artificial intelligence, virtual reality and data management.

“This is an important investment in the future of Beaumont,” said Mayor John Stewart. “Developing the Beaumont Innovation Park will not only help make sure we have the tax base in the future to support services that residents value, it will spur other economic growth and provide skilled jobs in knowledge-based industries.”

The city is developing an Area Structure Plan that will outline the land uses, general location of transportation and utilities, and sequence of development for the Innovation Park.

Purchasing the land enables the city to move the project forward faster and ensure the types of businesses in the park are a fit for the community. In February, council approved a bylaw to borrow up to $10 million for the park, with the first two years of debt payments to be covered from financial reserves. Revenue from the park will cover payments for subsequent years.