The Terrace Standard, Werinesday, Mey 21, 2003 - Al]

New venture fund is not
what MLA had in mind

SKEENA LIBERAL MLA Roger
Harris isn’t thrilled with a new ven-
ture capital fund being promoted by
his government,

Although it involves up to $4 mil-
lion-in personal income tax credits
with expectations of raising up to

$27 million a year in venture capi-—

tal, Harris was looking for something
targetted to regional development.

He and other MLAs have tagged
a jack of regional venture capital as
something holding back develop-
ment outside of the lower mainland
and southern Vancouver Island.

They want investment vehicles
modelled after the existing, provin-
cially-sponsored Working Opportun-
ity Fund which provides a 30 per
cent tax credit and can be held with-
in an RRSP.

From front
City still
neutral
on Alcan
question

have a position you box
yourself in.”

“The onus should be on
the government to settle
it,” said councillor Lynne
Christiansen. “I don’t see
why we should be trapped
in the middle of it.”

Christiansen and some
other councillors indicated ©
some support for Kitimat's
position.

“They have some legi-
timate concerns,” she said.
“I have some sympathies
there.”

Christiansen and coun-
cillor Stew Christensen
both voted in favour of Ki-
timat’s. resolution against
power sales that passed at
the North Central Munici-
pal Association conven-
tion. ,

Talstra also noted Kiti-
mat’s pressure tactics ap-
pear to be getting results.

“Already they have... .
$100,000 for a study, al- —
ready they have a task
force, already they have a
number of ministers meet-
ing with them.”

“IF you shout more you
might get more,” he ob-
served, “But when you're a
friend of the government
you're at the back end of
the bus.”

Chamber | president
Sheila Love told council
local businesses fear
Alcan could shut down or
decide not to modernize
its smelter. “They may just
scrap the whole idea and
not modernize,” she said.

That would be a de-
vastating black eye for the
region and the province for
future investment, cham-
ber reps said. “If Alcan
couldn’t make it with the
reputation they have who
else would want to come
in here?” Love asked.

She said a survey of
chamber members found a
majority support power
sales by Alcan so long as
it doesn’t eliminate alumi-
num production.

Love also noted the
highly paid workforce in
Kitimat and Alcan's his-
toric generousity.

“The people there have
never had to deal with
hardship,” Love said.
“Their hand’s been oul so
long they don’t know when
to say enough is enough.”

Before the chamber
meeting,
city coun-
cil met be-
hind
closed ft
doors with
Alcan offi-
cials, who
turned over
a cheque
for $4,000
toward the city’s 75th an-
niversary celebrations.

“We explained to
Alcan the District of Kiti-
mat is our friend,” Talstra
said, “We're going to live
together in this valley for a
long, long time in the fu-
ture. And we explained we
also consider that compa-
ny our friend.”

“So we sold ‘What's |
the problem? And° what -
can we do to assist.”

Love

The new fund would be the third
such one created under provincial
legislation.

“Our feeling is that it’s fine and
dandy, but if it doesn't have a
money manager in 250, it doesn’t
achieve our goals,” said Harris in re-
ferring to the afea code used outside

“Our feeling is that this plan is
too broad-based,” said Harris of the
third venture capital fund.

At the very least, he and other
MLAs want the new fund to invest-
ment a fixed percentage in regions.

Harris himself would feel better if

Prince George was the home for - :

of the lower. mainland. money managers interested in north- aes
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He and other regional MLAs ern projects. Patan
hoped for regionally specific funds The existing Working Opportuni- JOIN MOW FOR 1/2 PRICE AND SAVE $22
as part of the new provincial budget. ties Fund, and a companion one, has CALL 1 800 GS2 BOM WeEIGHTWATCHERS.COM

‘concentrated the majority of its in- .
vestments in hi-tech and similar in-
dustries in the lower mainland.

To date, the two funds are author- «:
ized to raise up to $80 million in ca-
pital annually, Individuals buying ‘
shares in these funds receive 15 per
cent tax credits from each of the ;

The problem is that money man-
apers like to look at where their fund
money is going and if they are in the
lower mainland, something in the re-
gions isn’t attractive, said Harris.

“It depends upon where these
guys live,” said Harris. “Generally
they and the banks have jaundice to

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