News Release - July 25, 2006
REDA ENHANCEMENT FUND LEVERAGES $4 MILLION FOR COMMUNITY ECONOMIC DEVELOPMENT
Since its inception in 1998, the REDA Enhancement Fund (REF), which currently totals $1.9 million, has been used by Saskatchewan's Regional Economic Development Authorities (REDAs) to leverage more than $4.1 million for 189 projects throughout Saskatchewan.
To date, these projects have yielded capital investments totalling more than $77 million and have helped to create 456 jobs and to maintain another 200.
"REDAs put business first, by bringing together communities and individuals to harness the economic potential of their regions," Deputy Premier and Regional Economic and Co-operative Development Minister Clay Serby said. "The REF program is a vital tool as REDAs seek to build and maintain healthy regional economies and to promote Saskatchewan as a great place to invest and to do business."
The REF program, administered by Regional Economic and Co-operative Development, provides cost-shared funding for regional project development, including pre-feasibility studies, business plan development, and project management costs. In recognition of the importance of the Fund and of its positive impacts on regional economic development, the Province doubled REDA Enhancement Fund support in the 2006-07 budget from $150,000 to $300,000.
Projects which have benefited from this program include a $31 million intensive livestock operation in Porcupine Plain; a $22 million ethanol plant in Weyburn; a $6 million golf course south of Saskatoon; a $2.4 million feed processing plant in Stoughton; and a $500,000 life lease housing project in Maple Creek.
"Funding obtained from the REDA Enhancement Fund program was a key factor in Stoughton Feed Processing Inc. coming to fruition," Cornerstone REDA Executive Director Judy Riddell said. "Thanks to REF dollars, the stakeholders in this project were able to conduct a feasibility study which paved the way to realization of this successful community venture."
"Building a growing and prosperous economy will take the right mix of community involvement, regional collaboration, leadership, private sector engagement and government support," Serby said.
REDAs are voluntary, community-owned organizations that take a grassroots approach to growing their economies based on regional strengths and natural trading areas. Their broad membership includes local governments, businesses, co-operatives and Aboriginal groups.
For More Information, Contact: