FORT ST. JOHN, B.C. – Northern Development Initiative Trust (NDIT) was appointed as the Financial Administrator of the Peace Agricultural Compensation Fund (PACF) by BC Hydro.
The fund, launched earlier this year, with a transferred $20 million to NDIT, the final step in the creation of the fund. Inaugural grant applications are anticipated in fall 2019.
The PACF supports agricultural priorities, such as production and economic activity, in the Peace Region. This is a recognition of the role agriculture plays in the Peace River Region and BC Hydro’s acknowledgement of the potential effects of the Site C Project on agriculture.
The NDIT was selected through a competitive procurement process, as an independent corporation that was established in 2005. They manage more than $80 million in funding for partner organizations, including administration of the $800,000 BC Hydro Generate Opportunities (GO) Fund shares BC Hydro.
NDIT as the PACF Administrator will manage the fund and act as a secretariat to the regional decision-making board, according to BC Hydro who share they are responsible for overseeing the management and disbursement of the fund.
A strategic five-year plan being developed by the NDIT and the board will fund application packages and evaluation criteria, as well as a financial management plan.