Island Coastal Economic Trust Announces Funding Support for the Vancouver Island Discovery Centre in the Comox Valley

Saturday, January 16, 2010

 

For Immediate Release

 

Cumberland, BC – Barry Janyk, Chair of the Island Coastal Economic Trust and Mayor of Gibsons, on behalf of the Board of Directors, today announced funding by the Island Coastal Economic Trust (ICET) of $745,000 to be provided to the Comox Valley Economic Development Society (CVEDS) for the Discovery Centre in the Comox Valley. The total cost of the project is estimated at $5,000,000.

 

Janyk explained that the Discovery Centre will serve as a strategic “gateway” information centre for the Comox Valley and will have high quality exhibits to showcase the abundant tourism and economic opportunities in the Valley. “Once visitors discover the many offerings in the Valley, we expect they will extend their stay and support the array of amenities, businesses and destinations.  This bold project is just another great example of the ‘economic infrastructure’ that has become the hallmark of the Island Coastal Economic Trust’s support for projects on the North Island and the Sunshine Coast.”

 

“The Island Coastal Economic Trust is also contributing to regional economic initiatives like the cruise ship terminal for the Port of Nanaimo, the North Coast trail at Cape Scott Park at the north end of the Island, Vancouver Island University’s field station for shellfish research at Deep Bay, the Powell River Wharf at Westview and South Harbour redevelopment and other similar projects on the Island and upper and lower Sunshine Coast. These projects create new economic opportunities, help to diversify the regional economy, expand economic activities and truly strive to meet the needs of all peoples in the Trust area - this region in particular!”, concluded Janyk.

 

About the Island Coastal Economic Trust

 

The Island Coastal Economic Trust was established on February 27, 2006 under an Act of the Province of British Columbia. It provided a $50-million endowment that is managed by an independent Board of Directors comprised of thirteen members – eight Mayors and five provincial appointees from the ICET area.

 

The board’s mandate is to make strategic investments in economic development priorities including forestry, transportation, tourism, mining, energy, Olympic opportunities, economic development, agriculture and aquaculture, and small business.  The ICET region encompasses all Regional Districts and municipalities on Vancouver Island north of the Malahat as well as the Powell River and Sunshine Coast Regional Districts.

 

ICET has approved $39 million for over 40 projects on the Island and Sunshine Coast since starting its grant program in 2007. The total impact of these investments is estimated at $216 million.

 

A full overview of ICET can be found at www.islandcoastaltrust.ca

 

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For further information:

 


Mayor Barry J. Janyk and ICET Chair                      

Town of Gibsons                                                       

Tel. 604-886-2274                                                      

bjanyk [at] gibsons [dot] ca 

 

Al Baronas, CEO                                                                                                       

Island Coastal Economic Trust                                              

Tel. 250-334-2427 Extension 223

info [at] islandcoastaltrust [dot] ca

 

John Watson, EDM

Comox Valley Economic Development Society

Tel: 250-334-2427 Extension 224

john [at] investcomoxvalley [dot] com

 

 

ICET By The Numbers

2,500
person years employment created (construction phase)

ICET By The Numbers

50
locally elected officials and MLAs working together

ICET By The Numbers

$10.4
million annual provincial government revenue generated

ICET By The Numbers

2,750
post completion jobs created

ICET By The Numbers

$4.6
dollars leveraged for every ICET dollar invested

ICET By The Numbers

$246
million leveraged into the region

ICET By The Numbers

$52.3
million disbursed

ICET By The Numbers

$55.2
million committed

ICET By The Numbers

230
economic development projects

ICET By The Numbers

210
projects completed

ICET By The Numbers

36%
projects in small (less than 5,000) communities

ICET By The Numbers

50+
communities with ICET projects

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