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Northern Development Announces Initial Intake for BC Hydro Peace Agricultural Compensation FundNorthern Development Initiative Trust
PRINCE GEORGE - On Friday, August 2, Northern Development began accepting applications to the BC Hydro Peace Agricultural Compensation Fund (PACF) – the $20 million fund BC Hydro established to support agricultural production and related economic activity in the Peace Region.
The fund reflects BC Hydro’s recognition of the role agriculture plays in the Peace River region and the potential effects of the Site C project on agriculture.
The initial intake allocation is $250,000 and is open to:
- Corporations, cooperatives, individuals and/or partnerships active in agriculture in the Peace Region (including new agricultural industry entrants and young agricultural operators)
- Registered non-profit agricultural organizations in the Peace Region
- Peace Region industry associations, agencies, boards and councils
- Education institutions undertaking research directly related to the Peace Region
Applicants can apply for up to $250,000 to maximum of 100 per cent of a project’s budget. The deadline for applications is September 30, 2019 at 4:30 p.m. For more information and to apply, visit www.northerndevelopment.bc.ca.
The BC Hydro Peace Agricultural Compensation Fund is governed by a regional decision-making board, responsible for overseeing the management and disbursement of the fund.
The goal is to preserve the $20 million capital investment and allocate investment returns for grants for the first five years.
Nancy Pepper, Community and Social Mitigation Manager, BC Hydro
“We’re very pleased to see the opening of the first application intake of the Peace Agricultural Compensation Fund to support agriculture production and related initiatives in the Peace Region. We look forward to learning more about the projects selected by the Board. We appreciate the feedback from Peace agricultural producers while developing the plan for the fund and the Board’s hard work to get the fund established.”
Rick Kantz, Chair, BC Hydro Peace Agricultural Compensation Fund Board
“The board is very pleased that the initial returns have allowed for our first intake. I look forward to reviewing the applications and working to grow the economy in the Peace Region.”
Joel McKay, CEO, Northern Development Initiative Trust
“Northern Development Initiative Trust is excited for the initial intake as we continue our work with the board to support communities and residents in the Peace Region. The Trust has always recognized the importance of agriculture throughout Northern B.C. and this program supports its growth and diversification.”