The Province is delivering $32.2 million to the Peace River Region through the latest instalment of the FairShare Memorandum of Understanding (MOU) to support economic development and address infrastructure priorities in B.C.'s Northeast, announced Blair Lekstrom, MLA for Peace River South, and Peace River North MLA Pat Pimm, on behalf of Ida Chong, Minister of Community, Sport and Cultural Development.

Initiated in 2005, the Provincial/Peace River MOU (also known as FairShare) provides at least $20 million annually to the Peace River Regional District, indexed to changes in the rural industrial assessment base. The funds act as "grants-in-lieu" as Peace River communities cannot access what would ordinarily be their municipal industrial property taxes. The industrial tax base is located outside the boundaries of the region's municipalities, making conventional taxation practices impossible.

The funds are divided among local governments within the regional district through a formula determined by the region. With this new round of funding, the MOU has now delivered $184.2 million to communities and rural areas in the Northeast.

Quick Facts:

This agreement aligns with Premier Christy Clark's commitments to:

• Provide northern and rural communities and parents the tools they need to grow and succeed.
• Put more power in the hands of communities to decide on the allocation of infrastructure grants, rather than trying to use one-size-fits-all-programs.
• Representatives from the communities of Chetwynd, Hudson's Hope, Taylor, Tumbler Ridge, Dawson Creek, Fort St. John and Pouce Coupe were signatories to the MOU.

Annual payments are made directly to the Peace River Regional District, no later than April 30. The agreement is in effect until March 31, 2020.

Contact:
Jeff Rud
Communications Director
Ministry of Community, Sport and Cultural Development
250 208-4028