North Island - Coast Development Initiative Trust

A $50-million North Island – Coast Development Initiative will give communities the funding and ability to create new opportunities for sustainable economic growth and more jobs.

Legislation (Bill 7) was brought into regulation on February 27, 2006 to establish the North Island – Coast Development Trust, and was launched on February 28, 2006, with a one-time $50 million grant to be managed by an independent board of directors.

The board of directors will be in place for an interim period of six months, and is composed of eight local government officials and five members-at-large appointed by the Provincial government.  The interim Chair of the board is Mayor Jack Peake of Lake Cowichan.

The 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.

Two Regional Advisory Committees (RAC) have been formed consisting of local government officials and MLAs, based on provincial electoral district boundaries:

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

The role of the RACs is to:  appoint members as directors to the Trust Board; provide advice to the board on projects suitable for Trust funding; establish the terms of office for members; and provide representation for communities and regional district areas under 500 population.

The interim Chairs of the Regional Advisory Committees are:  Starr Winchester, Mayor of Courtenay and Jon Lefebure, Mayor of North Cowichan.

The North Island-Coast Trust is expected to be fully operational in October 2006, with a permanent board and a strategic plan in place to guide investments.

Use the following link to access the North Island-Coast Development Initiative Trust Act

 http://www.legis.gov.bc.ca/38th1st/3rd_read/gov07-3.htm