Revelstoke Community Forest Corporation’s first dividend to the City of Revelstoke will go towards a special project.
RCFC, which was founded in 1993, has paid off its debts and after 23 years, the city’s investment paid off to the tune of $300,000.
“It’s a dividend to the city but it’s going into a reserve fund to be used on some appropriate project that the city and RCFC agree on,” said Geoff Battersby, the chair of RCFC.
The goal is to raise the profile of RCFC by attaching its name to a legacy project in the community, he added.
“The city representatives on the board of directors did not want it to go into general revenue and disappear,” he said.
Council approved the move and set up a special reserve fund for the money.
There hasn’t been any discussion yet on what to spend the money on. “There are always lots of projects out there waiting to be funded and I’m sure we can find one,” said Battersby. “It will be in the minds of the RCFC board and the minds of city council when a project comes up that we want to get done but there isn’t money otherwise to do it.”