Eight local governments in the Peace River region will share in the second $50 million payment from the B.C. government to help the regional economy support a strong industrial service sector for the oil and gas industry into the future.
The funding comes from the 20-year Peace River Agreement (PRA), negotiated in 2015, which will provide regional local governments $1.1 billion over the duration of the agreement. Annual PRA funding helps local governments with planning, programs, asset management and infrastructure investments that support regional economic growth and opportunity.
The eight local governments that will share this year’s $50-million payment are: District of Chetwynd, City of Dawson Creek, City of Fort St. John, District of Hudson’s Hope, Village of Pouce Coupe, District of Taylor, District of Tumbler Ridge and Peace River Regional District.
The PRA is one of the key ways the B.C. government is taking action to strengthen, grow and diversify rural communities. This agreement builds on the immediate investments and long-term action plan outlined in B.C.’s Rural Economic Development Strategy that are expected to create over 26,000 jobs and add $2.8 billion to provincial GDP.
Peter Fassbender, Minister of Community, Sport and Cultural Development –
“Our government is fulfilling its commitment under the Peace River Agreement to support the region in its development as a service centre for industry. Our annual $50-million investment helps attract and sustain the high-paying jobs generated by industrial activity that so many depend upon. I commend all of the local governments participating in the agreement for their commitment to strong, successful communities and a prosperous regional economy.”
Peace River South MLA Mike Bernier –
“With the Peace River Agreement in place and delivering on its commitments, local governments in northeast British Columbia can plan their economic future based on stable, on-going financial support from the B.C. government. By supporting local jobs and services in the Peace River region for years to come, the agreement will continue to prove its worth to communities, families and the regional economy.”
- In May 2015, the Province and eight Peace River local governments signed a 20-year, $1.1 billion Peace River Agreement (PRA) to develop the Peace River as a service centre for industry and its employees.
- The PRA provides the eight Peace River communities with annual payments totalling a maximum of $50 million.
- Commencing in 2020, the maximum annual payment under the PRA will grow by two per cent annually through to the end of the agreement in 2036.
- Payments to individual local governments are determined by an allocation formula included in the PRA and calculated and certified by the Peace River Regional District.
- Prior to payments being issued under the PRA, the Peace River communities are subject to annual reporting requirements reviewed and approved by the Ministry of Community, Sport and Cultural Development.
- All eight local governments have submitted their 2017 reporting packages to the satisfaction of the Province.
Check out the provincial government’s role in supporting communities, sport, arts and culture through the Ministry of Community, Sport and Cultural Development at: http://www.gov.bc.ca/cscd