The new Community Economic Development readiness program offered by the Island Coastal Economic Trust (ICET) is a new pocket of funding that will allow some interesting new partnerships within the RDMW. A policy has been established in relationship to this program funding in the interests of fairness to the whole region and the sustainability of the economic development service budget.
- That the Economic Development Commission submit up to two leveraged proposals to the Island Coastal Economic Trust per year to pursue one regional and one community level objective.
- If pursuing a community objective, a different community must be selected every year, unincorporated or municipal, and the proposal have demonstrated region-wide significance.
- If a proposal fails to gain funding, the Economic Development Commission must choose to either resubmit the former proposal again or approve a completely new proposal.
- EDC contributions to ICET readiness projects are capped at $20,000 annually or $10,000 per proposal in the interests of funding sustainability.
The first proposal has already been successful, with the Growing Malcolm Island initiative gaining ICET support with some $10,000 of RDMW support and $2500 of support from Community Futures Mount Waddington.
Interested RDMW municipalities, unincorporated communities or sectoral interests should approach RDMW staff to discuss the potential for partnership further.