Trust puts new economic development plan into action

Economic development is a high priority with residents, businesses and local governments throughout the Basin.

by Keith Powell — February 24, 2017

(From left) Local entrepreneur Brian Fry discusses his plan for an innovation centre with Columbia Basin Trust’s Tim O’Doherty, Senior Manager, Investments, and Jon Exley, Manager, Assessment and Development. — Photo: Columbia Basin Trust

(Columbia Basin) - Columbia Basin Trust has a vision for economic growth and is putting a new plan into action. The Trust is purchasing a commercial building in the Waneta Industrial Park near Trail and working with a local tech industry entrepreneur to fill the facility with new jobs and new opportunities in what it sees as a model for future projects.

“The Trust’s vision for economic development is to be a leader, a catalyst and an investor. We want to support economic growth, job creation and entrepreneurial opportunities in the Basin,” said Johnny Strilaeff, Trust President and Chief Executive Officer.

“Our intention with this project is to take a dormant facility and work with a company or companies that will fully utilize the building and the area’s workforce. This is much more than a building. The Trust is the catalyst for this entrepreneurial opportunity to bring ideas to life,” Strilaeff said.

Local technology entrepreneur Brian Fry of Rossland and his business partners, Pilar Portela and Tim Dufour, plan to create an innovation centre for their data technology company and establish a venture capital corporation to help emerging companies expand.

“The structure was originally built to leverage the world-leading metallurgical capabilities of the region. Now, with the Trust's economic development focus and patient capital, we can once again leverage these capabilities and complementary tech industry opportunities,” Fry said.

“The Trust’s strategy is to maximize economic opportunities in all regions of the Basin, be that through increased employment, local investment or business development. This building is an example of an asset that can help achieve that vision,” Strilaeff said.

Economic development is a high priority with residents, businesses and local governments throughout the Basin. The Trust developed a new economic development strategic framework in 2016 to take a more proactive role in growing the Basin’s economy and allocated $20 million over three years to put the strategy into action.

Learn more about the Trust’s economic initiatives at ourtrust.org/economic.

Columbia Basin Trust supports the ideas and efforts of the people in the Columbia Basin. To learn more about the Trust’s programs and initiatives, and how it helps deliver social, economic and environmental benefits to the Basin, visit ourtrust.org or call 1-800-505-8998.