Panel data provided by Madison's Canadian Lumber Reporter.

Northern Trust Set to Spend $30 Million

By 250 News

Northern Development Initiatives Trust Executive Director Janine Elo  has presented the "Trust's"  Strategic Plan that will carry it through to the end of 2008.

The highlight of that plan is the announcement the "Trust"  will spend $10 million a year over the next three years. 

The Trust was developed in 2004 to act as a catalyst for economic  development in areas impacted by the sale of BCRail. The Trust  has three perpetual accounts, 

the Operating Endowment Account of $25 million and interest from that account will cover the operation costs, 

the Cross Regional Account of $50 million  for projects that  Janine Elo Northern Trust Executive Director will 
benefit at least two regions, and the Pine Beetle Recovery Account of $30 million.

Those funds are separate from the accounts operated by the Regional Advisory Committees which will develop their  own strategic plans and  project approval process early in the new year.   Each of the  four Regional Advisory Committees is responsible for it's own account of $20 million  dollars.

Some of the  key goals identified  for the Northern Trust are:
-investing $10 million a year from the perpetual accounts
-stimulate sufficient economic development  to generate an annual return that exceeds 4.5%
-ensure that for every $1.00 invested by the Trust, another $2.50 is  from other sources
-use capital to stimulate new jobs, increase the tax base and enhance industrial diversification

The new Strategic Plan also outlines how people can access the Trust.  

A call for proposal for  projects will go out in January, and applications will have to be filed by March 31st.




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