ICET Announces Funding Support for Projects in the North Island and Sunshine Coast Region

Wednesday, May 22, 2013

For Immediate Release

Courtenay, BC – The Island Coastal Economic Trust (ICET), today announced that it will be investing close to $100,000 in four projects to support community economic development initiatives in the North Island and Sunshine Coast region.

The Sid Williams Theatre Society in Courtenay will receive $20,000 to install state of the art sound and lighting equipment to upgrade its technical operation, attract new events, diversify programming and appeal to a wider audience.  The investment will help to create a high quality performance venue that will improve the entertainment experience for customers and boost economic activity.

The Sunshine Coast Salmonid Enhancement Society will receive $15,000 toward the Geothermal Heat and Hot Water System Project to establish a sustainable power source through a geothermal installation at the Chapman Creek Hatchery near Sechelt.  Public demonstration of modern technology at the site will stimulate interest, attract visitors and build capacity for community-driven energy initiatives in the region.

The Alberni Clayoquot Regional District will receive $26,945 towards the Alberni Inlet Trail China Creek Bridge Project, for the construction of a new pedestrian bridge linking segments of the Alberni Inlet Trail. The bridge construction project will increase usage of one of the most scenic trails in the Alberni Valley and provide user-friendly public access for residents and tourists alike. 

The Village of Sayward will receive $37,600 towards the Kellys Trail Bridge Project.   Construction of a bridge on Mary Kelly’s Trail will re-establish a pedestrian walkway connecting the community of Sayward to trails within the Salmon River Estuary Conservation Area.  The expanded trail network will build on the area’s existing tourism and outdoor recreation infrastructure and should help to encourage economic activity in the region.

 “The Island Coastal Economic Trust continues to assist communities in the region north of the Malahat on Vancouver Island as well as the Sunshine Coast diversify and develop their economies,” stated ICET Chair Phil Kent.  “The diverse range of projects receiving funding reflects the wide reach of ICET and recognizes a variety of smaller initiatives occurring throughout the area. ICET is proud to partner with these organizations to help each of them achieve their goal of enhancing experiences of both residents and visitors to the region.” 

 About Island Coastal Economic Trust

The Island Coastal Economic Trust is a $50 million endowment established in 2006 by the Government of British Columbia to help diversify the economies of central and northern Vancouver Island and the Sunshine Coast.  ICET funds community driven economic development initiatives in targeted sectors to spark new and sustainable regional economic growth.  These sectors include forestry, transportation, tourism, mining, energy, economic development, agriculture and aquaculture, and small business.  

ICET is managed by an independent Board of Directors comprised of thirteen members – eight Mayors and five provincial appointees from the ICET region.   ICET has approved almost $47 million for over 90 projects on the Island and Sunshine Coast since implementing its grant program in 2007.   ICET investments have leveraged over $260 million in additional funding to the region.  A full overview of ICET is available at www.islandcoastaltrust.ca

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For further information please contact:

Phil Kent, ICET Chair
Mayor of Duncan
Tel: 250-709-0186
mayor [at] duncan [dot] ca

Line Robert
CEO
Island Coastal Economic Trust
Tel. 250-871-7797 Extension 227
line [dot] robert [at] islandcoastaltrust [dot] ca

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

3,650
post completion jobs created

ICET By The Numbers

$4.6
dollars leveraged for every ICET dollar invested

ICET By The Numbers

$236
million leveraged into the region

ICET By The Numbers

$50.5
million disbursed

ICET By The Numbers

$52.1
million committed

ICET By The Numbers

212
economic development projects

ICET By The Numbers

170
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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