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Sidney to Participate in New Regional Economic Development Initiative

Sidney, B.C.; Sidney Council resolved to support a new regional economic development strategy and model at the November 23rd Council Meeting.  The Town has allocated $16,000 in the 2016 budget year for this purpose, subject to a minimum seven out of thirteen of the South Island municipalities participating and the Mayor holding a seat on the Funding Partner’s Council of the new Society that will be formed.
 
Mayor Steve Price expressed his enthusiasm for the new initiative; “I see this regional economic development organization as an excellent conduit for our own newly created Economic Development Commission and an important step for our region in developing a strong economy for the South Island. As a region, we are dependent on one another. As a community, we are organized and ready to be a valid, contributing member of the new regional society. It is another indication that Sidney is open of business”.
 
The new model will be a non-profit society consisting of municipalities, local First Nations, private business, industry associations, stakeholder organizations and post-secondary institutions. The society will be funded by participating municipality’s contributions based on a 50/50 blended formula of $1.00 per capita plus 0.07% of total tax collected while private and stakeholder organizations will contribute a flat rate of $20,000. Additionally, the organization will seek project funding though other levels of government such as the Federal Western Economic Diversification and Provincial Investment Agriculture Foundation. Sidney’s contribution will come from the Town’s Economic Development Fund which is currently set at $100,000.
 
The Society will have two levels of governance; a Funding Partner’s Council which the Town of Sidney will hold a seat on. This Council will approve strategic direction, provide core funding and appoint a Board of Directors. The Board of Directors will oversee the strategy, finances and five to six staff.
 
The initial Funding Partner’s Council meeting is tentatively set for December 11th and it is anticipated that the new organization will be launched sometime in April 2016.

Media Contact: Mayor Steve Price
Ph: 250-656-1139  E: mayor@sidney.ca