News North Bay businessman wants private sector – not City Hall – to pursue economic development SHARE ON: Rocco Frangione, staff Tuesday, Mar. 18th, 2014 A North Bay businessman wants city council to let the private sector run economic development. Derek Elliott told council it should eliminate the economic development office at City Hall thereby creating a tax break. Closing the office would save taxpayers about 635-thousand dollars which works out to almost a one percent reduction in taxes. Elliott hopes the windfall will prompt businesses to pool their money and create a non-profit group to spearhead development. However councillor George Maroosis doubts the concept will work because he says it’s tough getting businesses to ante up start-up funds. He adds the city does what the private sector doesn’t want to do.