Revelstoke Receives $108K From Rural Dividend Fund (Upon Approval)

The BC Rural Dividend Fund has been sifting through applications Since December 15th as to which not-for-profits, local governments and First Nations will receive upwards of $100k from for a community driven project that will strengthen economics and create jobs in rural communities.

Single applicants were eligible to apply up to $100k for their strategic community project and must contribute at least 20% of the total project costs. For this groups working in partnership were eligible for $500k and must contribute 40% of the total project cost.

The projects were assessed and approved based on the following criteria:

• Rural communities most in need

• Improved community resiliency and economic strength

• Partnership building and enhanced shared prosperity

• Project feasibility and sustainability

• Economic impact on rural communities

• Attracting and retaining youth

• Innovation in economic development

Revelstoke has been approved for a $108,000 to go towards the production of a Fabrication Laboratory that that will help those in the high tech world focused on rapid prototyping and digital fabrication. This concept is to provide opportunities for local companies in Revelstoke to commercialize products through their own creative process all the while promoting business growth in our community.

in order for the grant to be in full compliance, Mayor and Director of Corporate Administration must sign the Government Transfer Grant Agreement with the Province of British Columbia, represented by the Minister of Forests, Lands, Natural Resource Operations and Rural Development Rural Policy and Programs in support of the Revelstoke Fabrication Lab project.  Upon agreement, the City’s required financial contribution to the Agreement is $72,000.

City staff have been working on a full scale plan to execute this unique concept with a draft budget total cost of the project is projected to be $370,000. One option to fulfill the total cost is for City Council to recommend to the CSRD Board that $120,000 be allocated from the Economic Opportunity Fund (EOF) as well as apply to the Southern Interior Development Initiative Trust (SIDIT), Columbia Basin Trust and Western Diversification Program. Staff will work diligently to secure the remaining $142k through grant applications to complete the project and ensure it does not fall on the tax payer.

The Community Economic Development Plan recognizes entrepreneurship as a key sector of economic development for the community and this Fabrication Laboratory could be a huge addition to this growing area.