Peterborough & the Kawarthas Economic Development Have Announced Dissolution

The Kawarthas Economic Development (PKED) Board of Directors has formally announced its intention to dissolve the corporation announced on Monday morning.

The establishment of the Greater Peterborough Area Economic Development Corporation (operating as PKED) in 1998 resulted from the 1997 GPA 2020. Photo courtesy of the PKED.

The decision came following written notice that The City of Peterborough and Peterborough County intend to change the delivery models of economic development and tourism and will not renew the tri-party Memorandum of Understanding between the City, County and PKED, which expires on Dec. 31 according to a press release.

The Board of Directors formed a dissolution committee and decided to cease operations by the end of the year in compliance with the Ontario Not-For-Profit Corporations Act.

“As reports on new economic development and tourism models are being considered councils in June, we eagerly await the opportunity to review them and to identify opportunities for service continuity for the businesses and clients that rely on PKED,” said Burton Lee, PKED board of directors chair. “As a high-performing economic development agency, the health and vitality of the local economy are at the core of our mission, and our team has a vested interest in supporting a mutually beneficial transition.”

According to the PKED, since last fall, the Board of Directors has been seeking clarity on the municipalities' plans. During that time, PKED was working towards a smooth transition to a new economic development model, with limited disruption of services to businesses, investors and visitors.

“The critical value of our team's knowledge, expertise and relationships with local, regional, national, and international partners, businesses, investors, and media cannot be understated,” said Rhonda Keenan, PKED's President and CEO. “It is our hope that the new models will include positions for our existing team of passionate and dedicated economic development professionals to continue serving the business community and attracting investment to the region.”

PKED is in the process of winding down operations for the second half of the year as stated in a press release.

“There will be a significant disruptive impact if these plans do not factor in the vast number of existing projects, programs and initiatives that PKED has developed,” said Lee.

PKED's Letters Patent and the tri-party MOU reflect that purpose and funding structure according to a press release. They continue to add that the City’s and County’s decision eliminates PKED's core funding structure. As a result, PKED cannot have the capacity or resources to deliver economic and tourism services on behalf of the region.

The dissolution resulted in the delivery of termination notices to staff and the provision of notice to vacate PKED's offices and the regional Peterborough & the Kawarthas Tourism Visitor Centre located in the Venture North business hub in downtown Peterborough, effective at the end of this year.

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