Northern Development to manage Site C agricultural fund

FORT ST. JOHN, B.C. — BC Hydro has chosen the Northern Development Initiative Trust to manage its $20 million Peace Agricultural Compensation Fund, which supports the agriculture industry near the Site C Dam project.

The fund was launched earlier in 2018 with the goal of supporting agricultural priorities, such as production and economic activity in the Peace Region.

“The fund reflects BC Hydro’s recognition of the role agriculture plays in the Peace River region and the potential effects of the Site C project on agriculture,” reads a release from BC Hydro.

The Northern Development Initiative Trust was selected as financial administrator through a competitive procurement process. Northern Development is an independent corporation that was established in 2005. It has managed more than $80 million in funding for partner organizations, including the administration of the $800,000 BC Hydro Generate Opportunities Fund, explains the release.

As fund administrator, the trust will manage the fund and act as a secretariat to the regional decision-making board, which is responsible for overseeing the management and disbursement of the fund.

The 10-member board is comprised of six members who are appointees of regional agricultural associations or the Peace River Regional District, one member who is a Peace River Valley agricultural producer and three members-at-large.

The three members-at-large are all agricultural producers in the B.C. Peace Region and were appointed for different length terms to ensure one member-at-large position is open each year.

The Northern Development Initiative Trust and the board are now in the process of developing a strategic five-year plan, fund application packages and evaluation criteria, as well as a financial management plan.

The trust was created in 2004 by Bill 59, the Northern Development Initiative Trust Act. It was initially infused with two deposits totalling $185 million. According to the trust’s website, Northern Development operates independently from government and provides the funding and ability to identify and pursue new opportunities for stimulating economic growth and job creation within the region.