The NKDF will invest in community economic development projects and/or programs that are supported by the community, as long as they do not subsidize private business.
Creating new jobs and enhancing existing jobs are priorities of the NKDF.
A priority of the Fund will be to support long term employment - both full time and seasonal.
The Fund recognizes the value of interrelationships between communities. Consideration will be given to proposals from outside the Nechako Region and Kitamaat Village if they demonstrate a benefit to those areas.
The Fund will have policies and programs that are accessible with clearly defined evaluation criteria.
First Nations’ participation in the Fund will not prejudice the First Nation land claim process.
The majority of members of the NKDF Board will reside in the investment area. The Board will determine the ongoing management of the Fund consistent with provincial government policy.
The Fund is intended to create benefits through sustainable community economic development. It is not intended to be compensation for those who believe themselves to have been negatively affected by the Kitimat-Kemano Project, the creation of the Nechako Reservoir or the cancellation of the Kemano Completion Project.
The Fund can be utilized in cooperative ventures along with other funding sources.
The Fund will not duplicate but may augment existing economic development programs.
Of the original $15 million, $5 million was provided to NKDF to be used as a working fund to invest in grant programs. The remaining $10 million of the original $15 million was placed into a legacy fund with the goal of investing and growing the fund to $15 million, and the income from the legacy fund to be used to finance NKDF grant programs into the future.
Fund investments are managed by the provincial government, through the Office of the Chief Investment Officer. Monies of the Northern Development Fund—to be used in support of the programs of the NKDF Society—are in investment vehicles which are generally conservative but which also provide some opportunities for growth
The Government of B.C. and Alcan Inc. each contributed $7.5 million to establish the Northern Development Fund in 1999. The investment income generated from this fund supports the NKDF grants program. Each partner has one representative serving on the board of directors. The NKDF is part of the portfolio of the Minister of Jobs, Tourism and Skills Training.
Nechako-Kitamaat Development Fund Society
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