Trust puts economic development plan into action

Columbia Basin Trust’s $1.5 million purchase of the former 5N Plus building is seen as a strong deal for the entire region.

(From left) Local entrepreneur Brian Fry discusses his plan for an innovation centre with Columbia Basin Trust’s Tim O’Doherty

Columbia Basin Trust’s $1.5 million purchase of the former 5N Plus building is seen as a strong deal for the entire region.

Built for $10 million back in 2011, the 40,000-square-foot high tech facility has stood vacant for almost four years after the Quebec-based 5N Plus company closed the doors in May of 2013.

“The LCIC (Lower Columbia Initiatives Corporation) has worked very hard over the past few years to attract new business to our area, and continue to do so,” says Ali Grieve, Area A Director.

“At the same time, we see the commitment from Columbia Basin Trust to actively pursue and stimulate economic growth for the region. Then we have a group of business partners willing to bring jobs into our community by providing opportunities for the fast growing tech industry,” she added.

“The former 5N Plus building allows all of this to come together in one prime location. Fabulous news for all of us.”

Announced last week, the Trust describes the investment as a plan of action for economic development. The building, located just past the Trail airport, once housed technological innovators and leaders, now the Trust and its partners plan on doing that once again.

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

The intention with the 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,” Strilaeff added. “The Trust is the catalyst for this entrepreneurial opportunity to bring ideas to life.”

Working with local tech entrepreneur Brian Fry and his business partners, Pilar Portela and Tim Dufour, the goal is to fill the facility with new jobs and new opportunities.

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

Former 5N Plus locale

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.

“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,” Strilaeff said. “This building is an example of an asset that can help achieve that vision.”

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.

Just Posted

Christmas blooms in downtown Trail

The Artisan Craft Co-op recently celebrated its 30th anniversary in downtown Trail

Community invited to check out mining trade show in Trail

Trade show free and open public on Wednesday and Thursday in the Trail Memorial Centre

Grand Forks to receive business recovery funds post-flood

The community will receive two Rural Dividends grants for a total of $655,000.

Police seek witnesses to fatal weekend accident

Wayne Kernachan was struck by a vehicle while responding to an accident

Pedestrian killed on Highway 22 Saturday evening

Police say 51-year-old man died after being hit by car

Six students arrested, charged in sex assault probe at Toronto all-boys school

The school’s principal, Greg Reeves, described the video of the alleged sexual assault as ‘horrific’

Police looking into two more incidents at private Toronto all-boys’ school

Police and the school have said two of the prior incidents involved an alleged sexual assault

Case of bovine tuberculosis found in cow on southern B.C. farm

CFIA said the disease was found during slaughter and they are investigating

Air force getting more planes but has no one to fly them, auditor warns

The report follows several years of criticism over the Trudeau government’s decision not to launch an immediate competition to replace the CF-18s.

B.C.’s Esi Edugyan wins $100K Giller prize for Washington Black

Edugyan won her first Scotiabank Giller Prize in 2011 for Half-Blood Blues

Bolder action needed to reduce child poverty: Campaign 2000 report card

The report calls for the federal government to provide more funding to the provinces, territories and Indigenous communities to expand affordable, quality child care.

Judge bars US from enforcing Trump asylum ban

Protesters accused the migrants of being messy, ungrateful and a danger to Tijuana; complained about how the caravan forced its way into Mexico, calling it an “invasion.”

Ottawa Redblacks defensive back Jonathan Rose suspended for Grey Cup

Rose was flagged for unnecessary roughness and ejected for contacting an official with 37 seconds left in the first half following a sideline melee after a Tiger-Cats reception.

Mistrial declared in Dennis Oland’s retrial in father’s murder

The verdict from Oland’s 2015 murder trial was set aside on appeal in 2016 and a new trial ordered. Richard Oland, 69, was found dead in his Saint John office on July 7, 2011.

Most Read