The Osoyoos Indian Band is one of three First Nations in Canada to be the first to receive certification from the First Nation Financial Management Board.
Certification from the FMB provides a signal of the health of a First Nation’s financial management system and fiscal performance.
It is part of the regulatory regime established by the First Nation Fiscal and Statistical Management Act (FSMA) that enables First Nations to raise money through a bond issue in capital markets to finance community infrastructure and other capital projects.
“This gives us access to a greater source of capital at far better rates to build new infrastructure and attract more public and private sector development on our reserve,” said Osoyoos Indian Band Chief Clarence Louie. This will help bring more opportunities to the South Okanagan region to stimulate the local economy and create more jobs for people on and off the reserve.” The ability to structure deals under the FSMA puts First Nations on the same financial playing field as other levels of government when looking to finance infrastructure projects. Bond issues are administered through the First Nations Financing Authority.
Louie said the new financing options will benefit the Osoyoos Indian Band’s ongoing preparations to service a prime development site it hopes the B.C. government will select as the best location in the Okanagan to build a new correctional centre. It will also assist the Osoyoos Indian Band with continued upgrades to its 45-hectare Senkulmen Business Park, which opened in October.
The Band has invested more than $4.5 million so far in the development of Senkulmen Business Park, including $1.5 million for the construction of a new interchange on Highway 97 to provide convenient access to the site.
The project also received $5.4 million in partnership funding from the Government of Canada.
The business park is currently in the first phase of its 10-year development plan. It will eventually accommodate up to 40 business tenants and create upwards of 1,000 new manufacturing and supporting jobs in the region, based on an economic analysis prepared for the project.
In addition to the Senkulmen Business Park development, the Osoyoos Indian Band has two other major capital projects underway, including Phase 1 of Canyon Desert Resort, a 350-unit residential and vacation resort development in Oliver, and Phase 3, a 44 residential unit development at Spirit Ridge, located at the Band’s 4.5 star Nk’Mip Resort in Osoyoos.
http://www.kelownadailycourier.ca/local-news/indian-band-raising-its-profile.html