City of Terrace & Kitselas First Nation Sign Agreements
Posted on: Nov 02 2011 - 8:20am in City Hall
The Joint Venture and Revenue Sharing Agreements stem from a commitment from the April 19, 2007, Memorandum of Understanding between the parties and further develops the business relationship between the City and the Kitselas. The agreements encompass approximately 900 hectares of Airport Lands including the Skeena Industrial Development Park and future Groundside Commercial lands at the Airport.
Objectives of the Agreements are to:
- optimize return on investment;
- foster the development of the regional economy;
- attract new business investment to the Terrace area;
- generate tax revenues; and
- address the Parties needs for industrial lands.
The significant aspects of the Joint Venture Agreement include contributions, conduct of the venture and division of assets.
The Revenue Sharing Agreement is based upon the fairness principle of per capita sharing. The revenue sharing formulae uses the latest Canadian Census Count as the basis for establishing each Parties respective share of the Annual Net Taxation Revenue.
While these agreements strengthen the relationship between the City of Terrace and the Kitselas First Nation, they also bring certainty for investors looking to the Skeena Region of Northwest British Columbia. The City of Terrace and the Kitselas First Nation have uniquely fostered and developed what may become a model for other Local Government and First Nations communities to emulate.
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