PRIMROSE LAKE ECONOMIC DEVELOPMENT CORPORATION
The Primrose Lake Economic Development Corporation (PLEDCO) was formed as a result of the agreements for economic development reached with the governments of Canada and Saskatchewan. The agreements are the result of the negotiations regarding the loss of the use of the land in the Primrose Air Weapons Range. PLEDCO is the manager of the trust funds granted by government for the long term benefit of the four affected communities of Jans Bay, Cole Bay, Beauval and Ile-a-la-Crosse. PLEDCO’s mandate includes ensuring the funds are preserved and utilized wisely for economic development.
$17,500,000 is held in trust funds by an independent professional money management firm through a trust agreement. The management firm charges fees for their services. These funds are locked in for 99 years through the original agreements. PLEDCO receives the annual income generated by the trust funds. The amount of income received varies with the performance of the financial markets, particularly interest rates.
The Board of Directors determines the use of the annual income. The annual income is used for contributions to economic development and infrastructure projects, scholarships, and, costs of operating such as board meetings, travel, employee salaries and office expenses. The audited financial statements; annual report and list of projects supported are available to the residents of the four communities. The place and date of the Annual General Meeting is widely publicized to allow all community members the opportunity to participate. PLEDCO must operate within the agreements signed with Canada and Saskatchewan. The agreements specify how PLEDCO is governed, the uses of the funds and other operating and reporting requirements. The two governments appoint ex-officio board members who contribute to discussions but do not vote. Each community appoints two voting board members.
P.O. Box 490 Beauval, Saskatchewan