The North Cariboo Multi-Centre is one step closer to reality after the Northern Development Initiative Trust announced that the Cariboo Regional District (CRD) was approved for a $2 million grant and a $2 million loan to go towards construction of the facility.
The funds are approved in principle, conditional on the CRD and City of Quesnel securing the balance of funding needed from other sources, such as senior levels of government.
The $2 million grant comes from the North Cariboo Allocation of the Cariboo- Chilcotin/Lillooet Regional Development account and could be used to reduce the amount local taxpayers will have to provide to pay for construction.
The $2 million loan would count as part of the $15 million local voters approved borrowing in the November 2008 referendum.
“Northern Development is supporting Quesnel’s efforts to acquire the funding to build the Multi-Centre and increase sports and cultural tourism revenues in the North Cariboo economy,” chair of the Northern Development Initiative Trust, Evan Saugstad said.
“We would like to thank the board of the Northern Development Trust for supporting this important project for our North Cariboo Residents,” CRD Chair Al Richmond added.
“Our collaboration with Quesnel City Council, in lobbying senior levels of government to secure funding for the Multi-Centre is just one more example of what can be accomplished when local governments work together.
“Our collective voice is being heard and through these efforts we will continue building communities together.”
“This is exciting news, a catalyst for more great things to come as we take another step towards making this long planned project a reality,” Mayor Mary Sjostrom said.
“From the city’s perspective, we’ve developed a great partnership with the CRD, who have made the Multi-Centre their top-priority capital project. Combine that with working with our friends on the Northern Development Initiative Trust Board, and its rewarding for the entire community.”
The city and CRD will work with Northern Development staff and the District of Wells to develop a sustainability plan for the North Cariboo Allocation of the Northern Development Initiative Trust.
The long-term goal would be to replenish the North Cariboo allocation through investment interest and other sources.
The North Cariboo Multi-Centre will be a modern facility designed to replace aging infrastructure. It features a 1,600 NHL-sized arena, a 450-seat performing arts theatre and accompanying event and assembly space.
About Northern Development Initiative Trust:
Northern Development Initiative Trust is an independent regional economic development corporation, originally funded by the province of British Columbia, and is focused on stimulating economic growth and job creation in central and northern British Columbia.
As of May 1st, 2011, over $99 million in funding has been committed to 803 projects with a total project value of over $1 billion.
To learn more about Northern Development Initiative Trust, visit: www.northerndevelopment.bc.ca