Regional Enterprise Network in Colchester County almost ready to launch
The Town of Truro has received a letter from the Department of Municipal Affairs, approving provincial funding for a local Regional Enterprise Network (REN).
Millbrook First Nation, the Municipality of the County of Colchester, and the towns of Truro and Stewiacke announced the three-year-pilot project with the Truro and Colchester Chamber of Commerce in late December to support the business community and stimulate economic growth.
In a report to council on Monday, Mike Dolter, Truro's Chief Administrative Officer (CAO), says the province is allocating $75,000 in start-up funding, as well as $114,000 to cover their portion of the operational costs for the Partnership for Economic Prosperity.
Speaking with our newsroom, Colchester County CAO Rob Simonds says the funding is based on a commercial tax base formula agreed to by all sides.
The province is matching the $195,000 in total contributions from the group for each year of the project, but Simonds says this year's funding was prorated.
Agreements signed in June by each stakeholder set annual funding at $64,350 from Colchester County, $60,450 from both Truro and the chamber, $5,850 from Millbrook, and $3,090 from Stewiacke, which will also be prorated for this year.
Simonds says the targeted start date is the end of October, and all sides have been going back and forth to ensure the necessary agreements are in place.
He says the recruitment committee is currently looking to appoint an executive director or chief executive officer, and once that's done they can finalize priorities and strategies for the REN.