PORT ALBERNI – There’s something happening in Port Alberni, and investors are going to be given an opportunity to be a part of it.
Economic Development Officer Pat Deakin notes that the City of Port Alberni is putting together a group of “angel investors” that would be part of a “Dragon’s Den” style opportunity, which would create a forum for entrepreneurs to present their ideas and potentially obtain financing for their prospective ventures.
Deakin says someone in the high-tech industry has already come forward, committing $50,000 a year for a two-year toward the angel investor program, and that the city is currently advertising for an Innovation Economy Project Manager position.
The city’s aggressive push coincides with recent announcements within the community of 18,000 that has raised the level of anticipation for economic growth.
The San Group, which purchased Coulson Forest Products in 2016 and now has over 400 employees at its operations, including its base in Langley, recently announced a further $100 million investment in Port Alberni. They are also looking into expansion in northwest B.C.
Along with that, in August, the San Group announced plans to construct up to 2,800 homes in a billion-dollar master-planned community on 75 acres at the north end of Burde Street to be called Pacific Mayfair Estates.
Paper Excellence, which operates the paper mill which has long been a backbone of the Alberni Valley economy, has announced it will inject $13 million in capital improvements in the downtown facility, which has 300 employees. The funding will allow the company to diversify its products to suit higher-value markets.
Also in August, the City completed its push to purchase the Somass sawmill from Western Forest Products, after earlier declaring it would potentially expropriate the property, which hasn’t seen activity since 2017. The final deal was for $5.3 million, and planning will proceed prior to further development.