The majority of Greater Victoria municipalities have now voted to support a pilot project for a new model of economic development on the South Island.
This week, the District of Sooke became the seventh municipality to support the South Vancouver Island Economic Development Association, joining Langford, Colwood, View Royal, Victoria, Oak Bay and Sidney.
“[Sooke’s vote] speaks to a new energy spreading across southern Vancouver Island that values active collaboration as a means of solving challenges and enabling success for the benefit of all citizens,” Dan Dagg, interim chair of the South Vancouver Island Economic Development Association, said in a statement on Tuesday. “As a long-time resident, business owner and parent, this opportunity to work collaboratively pulling in one direction across political boundaries is exciting. It is also critical for our families now, and for our children’s future.”
The new economic development model is designed to bring together all 13 municipalities, private sector and First Nation communities to work together for the greater prosperity of the local economy.
The municipal councils of Saanich, Esquimalt and Central Saanich will vote on whether to join the collaborative effort. North Saanich will vote Dec. 14, while a date has yet to be set for a vote in the Highlands. Metchosin chose not to participate.
“Councils that have signed on have recognized the merit in a collaborative and tactical approach to strengthening and diversifying our regional economy,” said John Wilson, chief executive of Wilson's Transportation, and one of the private-sector funding partners for the agency. “We are stronger working together building on shared values to advance regional strategies to benefit local economies.”
The SVIEDA intends to build upon the work done by the Greater Victoria Development Agency.
Its municipal funding formula is based on a 50-50 formula of $1 per person plus a percentage of total tax collected. Private sector and non-government funders will contribute $20,000 per year.
The existing Greater Victoria Economic Development Agency is essentially a committee of the Greater Victoria Chamber of Commerce and receives about $90,000 annually from the chamber, $80,000 in municipal funding from only Saanich and Victoria, about $10,000 from the University of Victoria and other smaller amounts.
The new organization is projecting an annual operating budget of $700,000 with staffing of 5.5 full-time equivalent jobs.
The new organization will undertake a five-year pilot project to increase the number of new jobs in targeted sectors, increase median household incomes and leverage federal funding for major economic development projects.
The agency expects to be fully functioning in April next year.
