More diversity sought for agency overseeing $100M fund meant to 'reinvent' Calgary

A director of a new Calgary investment fund says they'll be looking for greater diversity when appointing the final board member.

The agency is aiming to boost new industry sectors, such as technology, to fill a gap left by the struggling energy and real estate sectors.

The board, announced this week, will manage the city's Economic Development Investment Fund of $100 million, meant to growsmall- and medium-sized Calgary businesses.

• Read more in CBC Calgary's Road Ahead series

Most of the new board members in charge of doling out stimulus money are experienced business leaders but many arein those industries that have struggled lately.

"I mean, each of us have a very, very broad network within the community," director Jim Gray said Tuesday morning on theCalgary Eyeopener.

"I think we'll broaden the board.... We'll add a little bit more technology, et cetera, and diversity, but lookit: we're very, very dedicated. We've been working very hard. We all know people in the technology sector."

It's unclear how the board will find the expertise to make that happen.

In response to Eyeopener questions, Gray said he agrees the board's experience may have to be widen to make this happen. He himselfis an oilpatchveteranand chairman of the Energy Group of Brookfield Asset Management.

"Calgary needs to reinvent itself, frankly," Gray said. "It'll take five or 10 years for this to totally materialized but we just simply have to break our addiction from energy and move to other areas."

The board has one more director spot to fill. The full list of board members includes:

• MayorNaheedNenshi, ex-officio member.
• JeffDavison, city councillor for Ward 6.
• Steve Allen, chairman ofCalgary EconomicDevelopment Board.
• JimGray, chairman of the Energy Group ofBrookfield Asset Management.
• Barry Munro, president ofErnst & Young Orenda Corporate Finance Inc.
• CherylGottselig, partner ofBurnet,DuckworthandPalmerLLP.
• ScottHutcheson,executive chairman ofAspen Properties.
• Ian Bruce, stock broker, former CEO ofPeters & Co. Limited.
• Michael Brown, president and CEO ofCalgary Municipal Land Corporation.
• Independent member TBD

City council created the fund late last year in an effort to improve the economy, which is struggling after the oil and gas industry downturn. Jobs have been cut, and office vacancy rates are close to 28 per cent downtown.

"This is not a rescue operation," Gray said.

"This is where startups, young people, technology firms, small- and medium-sized firms, primary funding and secondary funding [are] creating jobs, creating opportunities in downtown Calgary."

Calgary: The Road Ahead is CBC Calgary's special focus on our city as it passes through the crucible of the downturn: the challenges we face, and the possible solutions as we explore what kind of Calgary we want to create. Have an idea? Email us at calgarytheroadahead@cbc.ca.

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With files from theCalgary Eyeopener