THE TERRACE Economic Development Authority has designed an information packate it says will help local businesses set up arrangements with First Nations to take advantage of large scale economic projects.
Evan van Dyk, Executive Director for TEDA, says the package, being called a tool kit, was developed because local businesses kept asking TEDA how they could make sure that they benefit from the numerous major capital projects that will be coming to the region over the next several years.
“Partnering with local First Nations communities is one of the ways that businesses can gain a competitive advantage and access procurement and business opportunities associated with the major
projects. Joint ventures just make good economic sense and benefit all parties involved,” he said.
The package includes samples of agreements and methods that can be used, including templates which can be modified.
Samples include a letter of understanding, a joint venture agreement, a term sheet, a confidentiality agreement and management committee structure.
Some of the planned economic ventures include rebuilding the Rio Tinto Alcan’s aluminum smelter in Kitimat, running stable electrical power up north through the Northwest Transmission Line and the Kitimat LNG/Pacfifc Trails Pipeline project.
Already underway is the $700 million development by AltaGas of Calgary of the Forrest Kerr Isut run-of-river hydro electric project.
