Premier Christy Clark has announced a renewed 20-year billion-dollar Peace River Agreement with resource-rich communities in British Columbia’s northeast.
Clark made the announcement in Dawson Creek flanked by local politicians from area communities, including Taylor, Chetwynd and Pouce Coupe.
She says annual payments of $50 million will begin next year and increase at about two per cent annually, starting in 2019 and continuing until the deal expires in 2035.
Clark says communities also share a signing bonus of $3 million.
The premier says the deal provides infrastructure funding for communities that contribute greatly to provincial coffers through oil and gas revenues.
Local politicians who were earlier at odds with the government about the deal’s financial terms were applauding today.
Municipalities in the northwest region are also trying to reach a similar agreement with the province.
But the Northwest Resource Benefits Alliance has been turned down by the province for a revenue sharing agreement, and has been unable to get funding for logistical work.