The Regional District of Nanaimo has signed on to a letter to Premier David Eby calling for $150 million in funding for the Island Coastal Economic Trust.
Established 17 years ago, the trust “was created not on an equal basis with other trusts around the province,” Electoral Area H Director Stuart McLean, who also sits on the North Island-Sunshine Coast Regional Advisory Committee for ICET, said at the March 28 board meeting. “It was a non-sustaining trust so it did not have enough initial investment to be self-sustaining through distributing investment proceeds over time.
In September 2022, ICET delivered a proposal and vision to the B.C. government to be achieved through a “one-time public investment of at least $150 million to be realized as a permanent, financially sustainable, ESG-focused regional development organization that is co-governed by First Nations and local governments in partnership with your government,” the letter signed by regional district chairs and municipal mayors says.
At the end of March, the province announced it would introduce legislative amendments in the fall that would allow for $10 million each to be delivered to ICET, Northern Development Initiative Trust and the Economic Trust of the Southern Interior in 2023-24. “This bill removes the $60 million cap that is currently limiting the B.C. NDP from turning the ICET into a permanent fund,” Olsen said. “This bill does not spend money. It simply removes the limited cap on how much can be capitalized.
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