Good news for local businesses and entrepreneurs in the Comox Valley. 

The Comox Valley Regional District (CVRD) and the Comox Valley Economic Development Society (CVEDS) have signed a revised service agreement to deliver economic development and tourism services for the Comox Valley. 

The CVEDS helps existing businesses grow and works with potential investors and entrepreneurs to realize the benefits of investing and doing business in the Comox Valley.

CVRD Board Chair Jesse Ketler says the agreement means the organization can support those in need during the pandemic.

“This year the CVEDS team will be focused on the Economic Recovery Task Force in order to help support local businesses that make up the diverse range of sectors identified in our community.” explains CVRD Board Chair Jesse Ketler. 

“We look forward to working collaboratively together during this challenging time and supporting our local economy.”

Below are highlights of the new agreement between CVEDS and the CVRD for Economic Development Services:

  • Two and a half year term ending December 31st, 2022 with option of a one year renewal;
  • Funding for CVEDS from August 2020 to December 2020 is $339,000;
  • Funding for CVEDS in 2021 is $800,000;
  • Funding for CVEDS in 2022 is $816,000;
  • Focus in 2020 CVEDS Work Plan is to support the Economic Recovery Task Force and local business recovery through COVID-19;
  • Focus for the 2021-2022 CVEDS Work Plan is to implement economic recovery strategies resulting from the Economic Recovery Task Force and other CVRD Board economic initiatives;
  • CVEDS shall make change to the Society’s bylaws to allow for Comox Valley elected officials to be voting members of the Society by December 31, 2020;
  • CVEDS shall provide an annual schedule of remuneration and expenses for all employees with remuneration greater than $75,000 per year;
  • The CVEDS Board shall complete an annual employee performance assessment of the Executive Director and the Executive Director shall complete annual employee performance assessments for each full time staff member;
  • The CVRD and CVEDS shall collaborate through a liaison team to investigate the potential of integration of shared services and report back to both Boards by December 31st, 2020. The liaison team shall also collaborate in the ongoing clarification of contract deliverables related to economic development services; 

“The importance of economic response and recovery has been the singular focus of the CVEDS board and staff since the start of the pandemic. We know through our work across all sectors and business organizations, locally and province-wide, that small businesses are struggling,” explains CVEDS Board President Deana Simkin.

“Working together with the CVRD Board, Comox Valley municipalities and dozens of local business leaders, recommendations for local policy changes and initiatives will be developed that can support businesses through these difficult economic times.”

For more information on Economic Development and review the service agreement, click here