The matter has been given very serious thought by your executive. Since a clearly
identifiable role for the Vancouver and Lower Mainland Industrial Development Commission,
justifying adequate financial support by municipalities and the business community, no
longer appears to exist, a resolution was approved along the following lines:

(1). The affairs of the Commission will be terminated on May 31, 1972.

(2) This decision has been communicated to the Greater Vancouver Regional District to
give the District en opportunity to consider whether it may wish to carry on, and finance,
the Commission's industrial development program,

(3) All grants and contributions to the Ceramission made by municipalities and businesses
since Jonuary 1, 1972 will be refunded in full.

(4) Following discharge of all fincncial obligutians cf ihe Commission, all remaining funds
will be distributed os provided fer in the Consiltulion end By-Laws. This crovision states:
"In the event of the dissolution, liquidation or winding up of the Commission, all assets
remaining after payment of licbilities shall be distributed to the member Municipalities on

a per capita basis, determined by reference to the latest avdilable figures published by the
Dominion Bureau of Statistics, "

Your Executive reached its decision with considerable regret. There is no doubt that the
Commission has played a leadership role over the past twenty years. Many municipal and
business leaders have devoted time ond energy to the cerrying out of the Commission's
objectives. While difficult to measure, the accomplishments can ke viewed with satisfaction.
Executive members acknowledged particularly the effectiveness of the work done by

Mr. John McKeowrs during his period as Commissioner .

Coincident with this letter, press announcements will be mode explaining to the community

_the action that has been taken. Dispersal of funds as indicated above will be undertaken in

due course.

Please accept my thanks for the contribution you have made to the Commission's success over
the years,

K

Chairman

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