New $50-million Coast Development Initiative Announced

April 1, 2005

A new $50-million North Island – Coast Development Initiative will give communities on Vancouver Island and the Sunshine Coast the funding, control and ability to create new opportunities for sustainable economic growth and more jobs, Premier Gordon Campbell announced today.

“Up and down the Island and the Coast there is renewed optimism, renewed strength and renewed confidence about the future and the economic opportunities it holds for communities and families,” Campbell said. “This is about giving communities the resources and tools they want to pursue their priorities. They will have control of this initiative. They will identify the opportunities. They will make the decisions. And they will share the benefits with more jobs and a stronger, sustainable economy.”

Legislation will be introduced in the fall to establish the North Island – Coast Development Initiative Trust, which will be launched with a one-time $50-million grant that will be managed by an independent board of directors. This board will make strategic investments in regional economic priorities such as forestry, transportation, tourism, mining, energy, projects related to the 2010 Olympic and Paralympic Winter Games, aquaculture, small business and other opportunities for economic diversification. It is expected the board will use the funds to leverage partnerships and other investments with the private sector and other government partners.

“All of these areas offer strong potential on the Coast and the North Island. Our goal is to give the region the resources to unleash that unique potential in North Island and Coastal communities. That will benefit local families, local businesses and the local economy,” Campbell said.

The 13-member board will consist of mayors, regional district chairs and local MLAs. That board will include four members from each of two regional advisory committees and five members appointed by the Province. The two regional advisory committees will be formed based on provincial electoral districts as follows.

  • North Island-Sunshine Coast Committee: will include representatives from communities in the North Island, Comox Valley, Powell River-Sunshine Coast, and Alberni-Qualicum electoral districts.
  • Central-South Island Committee: will include representatives from communities in the Nanaimo-Parksville, Nanaimo, Cowichan-Ladysmith, and Malahat-Juan de Fuca (from the Malahat north) electoral districts.

Mayors and regional district chairs from communities in these regions with a population of 500 or more will be invited to sit on the regional advisory committees.

Premier Campbell noted that the trust funding is in addition to other major commitments to support communities and sustainable economic growth in the region such as the Canada-B.C. Infrastructure Program, which has contributed $102 million in federal-provincial funding for 73 community projects on Vancouver Island and the Sunshine Coast. In February, the Province also increased the Forestry Revitalization Trust Fund by $50 million to provide a total of $125 million to help workers and contractors pursue new opportunities and participate in building a more competitive B.C. forest industry.

Funding for the trust comes from the 2005/06 budget for the Ministry of Small Business and Economic Development.
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