As part of the Site C Agricultural Mitigation and Compensation Plan, BC Hydro has established a $20 million fund to support agricultural production and related economic activity in the Peace Region. The BC Hydro Peace Agricultural Compensation Fund is governed by a regional decision-making board, responsible for overseeing the management and disbursement of the fund.
The 10-member board is comprised of six members that are appointees of regional agricultural associations or the Peace River Regional District (PRRD), one member who is a Peace River Valley agricultural producer and three members-at-large.
The three members-at-large are all agricultural producers in the B.C. Peace Region and were appointed for different length terms, to ensure that one member-at-large position is open each year.
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The vision statement for the Agricultural Fund establishes the purpose and intent of the Agricultural Fund. This vision is consistent with regulatory requirements and is aligned with feedback received through consultation. The vision statement is to: Support the Peace Region’s opportunity for agricultural production and agrifoods economic activity.
The principles defined below provide guidance to BC Hydro, the BC Hydro Peace Agricultural Compensation Fund Board and the Trust.
Fairness and transparency
The agricultural fund will be governed in a fair and transparent manner so that all applications are reviewed on merit and given equitable consideration.
Regional decision making
Funding allocation decisions will be made in the region benefiting from the best information available and knowledge on the Peace Region’s agricultural strengths, needs, challenges and opportunities.
Professional and cost effective
The governance structure should facilitate timely funding allocation decisions, ensure diligence in document management, record keeping and reporting and have strong communication capabilities to interact with and support agricultural fund applicants. The structure must be cost effective as administrative costs must be covered internally by the agricultural fund budget.
The governance structure must ensure that the agricultural fund meets the regulatory requirements set out by the EAC Condition 30, that funding recipients and projects meet the eligibility and reporting requirements of the agricultural fund and that financial and other reporting is completed to acceptable standards.
The agricultural fund must be administered in a manner the recognizes the diversity of agricultural sectors, interests and opportunities in the Peace Region.
The agricultural fund’s eligibility will target activities that will enhance agricultural lands, operations or agrifoods economic activity in the B.C. Peace River region, as defined by the borders of the Peace River Regional District.
BC Hydro appointed Northern Development Initiative Trust as the financial administrator of the Peace Agricultural Compensation Fund in 2018. The Trust’s role is to sustainably manage the $20 million fund and provide administrative support and expertise to BC Hydro and the board to effectively manage the fund for a five-year term. The board and Northern Development Initiative Trust worked together in fall 2018 to develop a financial management plan for the fund, with a goal of preserving the $20 million capital investment and using investment returns for grants for the first five years.
Maximum Grant % Available : 80%
Intake open: July 29, 2022
Intake close: September 29, 2022
Applicants may apply for funding from three different categories: Events and Educational Initiatives, Farming Infrastructure (fixed capital or non-fixed capital), and Research and Demonstration Initiatives. View the unique application guides for each of these three categories under “APPLICATION GUIDES” above.
Agricultural Impact and Opportunities Initiative has its own application guide and form. View the relevant documents in the “Agricultural Impact and Opportunities Initiative (AIOI) – Materials” section above.
If you’d like to discuss your project in further detail with Northern Development staff, please contact us by email, phone, or filling out the form below. Also, we encourage you to reach out to us if you think you are eligible for funding for categories that are not specified here.