CEDC MAT Fund provides Goods & Co. Market with $130,000
August 19, 2021 – The Thunder Bay Community Economic Development Commission (CEDC) and Tourism Thunder Bay are pleased to support Goods & Co. Market with their revitalization of Thunder Bay’s former iconic Eaton’s building. Goods & Co. Market will receive $130,000 to make the space unique, appealing, and a value added attraction for visitors travelling to Thunder Bay.
Renovation of the space began early in 2021 and the finished product will showcase multiple local businesses, contain various art and culture programs, and have the capacity to host small events. The funding was approved by the CEDC Board of Directors through the Municipal Accommodation Tax (MAT) Fund and remains conditional upon the stable success of the marketplace following its grand opening.
The CEDC MAT Fund provides financial support to projects with the capacity to attract more visitors to Thunder Bay, increase visitor spending, and generate room nights at local accommodations. The CEDC MAT is collected on short-term stays at local hotels, motels, and other accommodation providers at the rate of 4%.
The CEDC and Tourism Thunder Bay administer 50% of the total collected tax revenues in support of the continued growth of tourism. Applicants are encouraged to leverage partnerships and other financial resources in order to maximize the growth of Thunder Bay’s tourism economy. With additional funding support for the project coming from the City of Thunder Bay’s Strategic Core Areas Financial Assistance Program, The Thunder Bay Chamber of Commerce’s Economic Development Fund, the Northwestern Ontario Innovation Centre’s CTAF program, and significant personal contributions, the project demonstrated a strong multi-partner capacity.
“Goods & Co. Market is an exciting and innovative economic development project in Northwestern Ontario” says Maelyn Hurley, Owner and Operator of Goods & Co. Market. “Located in Thunder Bay’s expanding Waterfront District, this project will include construction and renovation of the former iconic Eaton’s building. Approximately 18,000 square feet of the building will be used to create a space for local food and merchandise vendors as well as a public common area. Goods & Co. Market will serve as an integrated food and community hub, business incubator, and art education facility.”
“We intend to connect with organizations and individuals in the tourism and accommodation sectors to help draw visitors to the area, enhance their experience and increase their length of stay while visiting Thunder Bay. Without the support of the Thunder Bay CEDC and Tourism Thunder Bay this project would not be possible. To be accepted for the CEDC MAT Funding Program is an honour and we look forward to creating a positive and lasting impression on the tourism landscape of Thunder Bay.”
Once completed, the marketplace will be situated within walking distance of the City’s cruise ship dock, becoming a central staple in the waterfront’s downtown tourism appeal. With the City’s increasing vision of a walkable downtown core and the re-opening of the waterfront pedestrian bridge, the project will become a natural lightning rod for waterfront connectivity and ultimately contribute to the continued growth of Thunder Bay’s tourism appeal.
“Goods and Co is an exceptional example of urban destination revitalization and supports growing travel trends for visitors seeking unique artisanal and culinary experiences” said Paul Pepe, Manger of Tourism Thunder Bay. “The project will support approximately 25 independent artisans and small businesses and increase visitor retention in the community.”
It is anticipated that Goods & Co. Market will open its doors in early fall and will provide an excellent four season location for visitors to shop, socialize and enjoy what Thunder Bay has to offer.