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Peace River Agreement to pay out $50 million…

FORT ST. JOHN, BC: Community, Sport and Cultural Development Minister, Peter Fassbender, announced on Thursday that payments totalling $50 million will be provided to eight local governments in the Peace River region at the end of April 2016.  These payments will be in accordance with the terms of the 20-year Peace River Agreement (PRA) totalling $1.1 billion over the duration of the agreement.

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BC GOV PHOTO

The PRA was negotiated in 2015 and provides local governments with funding for planning, programs and infrastructure investments that will support the region as an industrial service sector into the future.

Peace River South MLA, Mike Bernier stated, “Communities in B.C.’s northeast can chart their economic future based on the stability and continuity provided by significant support through the Peace River Agreement. As negotiated, substantial annual payments begin this year. The agreement will continue to prove its worth for years to come, by supporting local jobs and services in the Peace River region.”

Under the PRA, when signatories meet requirements, the Province will provide annual payments to the eight Peace River local governments to a maximum combined total of $50 million per year commencing in 2016 (plus a 2% inflator commencing in 2020). Payments to individual local governments are determined by an allocation formula included in the PRA that is calculated and certified by the Peace River Regional District.

The eight local government recipients that signed the PRA and 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.

Written and Released by: BC Government

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