The impact benefit agreement between the Squamish Nation and Woodfibre LNG is worth more than $1.1 billion.
This figure came to light after Bob Mackin of The Breaker reported the story.
Included in Mackin’s piece was a breakdown of how the cash would be distributed.
Economic benefits are expected to be structured as follows.
- There will be $225.6 million in cash payments will be made over 40 years. This would average to roughly $4.7 million a year.
- As part of a 422-hectare land deal, nine parcels of land in the Squamish Valley will be transferred to the band for housing and economic development. The Squamish Nation will also obtain five cultural leases throughout Howe Sound for cultural use.
- $872.4 million in contracts will be made available to qualified Squamish Nation businesses and Squamish Nation member businesses.
- $16.1 million in employment opportunities are expected for an estimated 1,600 jobs during construction, as well as 330 jobs during the project’s operation. The cash would help cover — among other things — training, education upgrades. Preferential employment would be given to Squamish Nation members.
- $3 million is expected for cultural and environmental legacies.
The Squamish Chief verified the breakdown by contacting Khelsilem (Dustin Rivers), the spokesperson for the Nation.
He confirmed the numbers are accurate.
Last week, the Nation voted in a tight 8-6 decision in favour of an impact benefit agreement, a significant milestone in helping Woodfibre LNG's project become operational in Howe Sound.
In addition to Woodfibre, this deal with the Nation also includes the provincial government and FortisBC.
While the total value of the contributions has been surfaced, it remains unclear how much money each party contributed to the Nation.