Lower interest charges and better value. BCIIF Infrastructure Investments have focused on provincial projects. BCIIF investment structuring has helped to offset the cost of borrowing to infrastructure projects within British Columbia’s Government Related Entities, reducing provincial debt and providing savings to BC taxpayers.
Active investment of BCIIF’s capital in British Columbia has helped to keep valuable jobs in BC and support critical infrastructure projects. This approach has benefited the UVic Technology Enterprise Facility and BCIT Aerospace Technology Campus in addition to the many other projects in BCIIF’s portfolio.
British Columbia Institute of Technology (BCIT) | Aerospace Technology Campus
The BCIIF loaned $60 million to aid in the construction of the BCIT aerospace facility. The new Aerospace Technology Campus transitioned from construction to full operations in September 2007. The facility is a 285,000 square foot facility located in Richmond, BC containing over 40 classrooms and “smart” labs with the latest training computers, equipment and wireless technology.
Programs supported by the facility include training for the maintenance, repair and overhaul of aircraft, their engines, and electronics as well as airport operations and commercial pilot training. A new and exciting program being supported by the Aerospace Campus is the Air Traffic Services Diploma program.
The new state of the art facility has been attributed with attracting considerable interest from non-traditional groups such as young women to BCIT’s aerospace programs. As a result of the aerospace facility, 300 full-time jobs were created.
UVIC | Technology Enterprise Facility (TEF) | LOAN MATURED
The BCIIF loaned $5 million to help facilitate the purchase of the TEF. The facility has generated 90 full-time jobs and accommodates major institutional research projects such as:
- CARBC – Centre for Addictions Research BC: The project will help build research infrastructure and capacity across British Columbia for the conduct of research that will increase understanding and support more effective responses to substance use.
- NEPTUNE Canada research project: Neptune will be the first regional-scale underwater ocean observatory that plugs directly into the internet and will enable ocean scientists to run deep-water experiments from laboratories and universities anywhere around the world.
- VENUS research project: Venus is a cabled ocean observatory designed as an undersea laboratory for ocean researchers.
University of the Fraser Valley | Student Residence
The BCIIF loaned $14 million for the construction of a self-supporting 4-story residence building, housing up to 204 students for the Abbotsford campus. As a result of the residence, 17 full-time jobs were created.
Nicola Valley Institute of Technology | Student Residence
The BCIIF loaned $3.3 million to assist with the construction of two self-supporting 3-story residence buildings, housing up to 72 students. As a result of the student residence, 39 full-time jobs were created.
Simon Fraser University Foundation | Condominium Units | LOAN MATURED
The BCIIF loaned $5.1 million to support the purchase of Verdamt Condominium Units by the Foundation. These units are designated for university faculty. As a result of the acquisition, 50 full-time jobs were created.
Province of British Columbia | Health Care Centre and School Projects | LOAN MATURED
In 2009, the BCIIF loaned the Province of British Columbia $100 million who then used the money to fund a variety of capital projects including construction of a care centre and two secondary schools. The funds were allocated as follows:
- $39 million for the Gateway Prince George Care Complex of the Northern Health Authority: 94 new residential care beds, 50 assisted living units and 31 units designed to market rental specifications. Approximately 250 full-time construction jobs were created as a result of this project.
- $29 million for the replacement of the J Lloyd Crowe Secondary School: 825 student capacity (School District No. 20 – Kootenay-Columbia). Approximately 186 full-time construction jobs were created as a result of this project.
- $32 million for the renovation/replacement of the Penticton Secondary School: 1,350 student capacity (School District No. 67 – Okanagan-Skaha). Approximately 205 full-time construction jobs were created as a result of this project.
Province of British Columbia | School Projects
In 2010-11, the BCIIF engaged in another loan to the Province of British Columbia for $75 million. The Province used the proceeds to fund construction of the following secondary school projects. The funds were allocated as follows:
- $24 million for the replacement of the Burnaby Central Secondary School: 1,300 student capacity (School District No. 41 – Burnaby).
- $15 million for the replacement of the Revelstoke Secondary School and new Elementary School: 475 and 250 capacity respectively (School District No. 19 – Revelstoke).
- $13 million for the replacement of the University Hill Secondary School: 800 student capacity (School District No. 39 – Vancouver).
- $12 million for the seismic upgrade project of the Cariboo Hill Secondary School: 1,025 student capacity (School District No. 41 – Burnaby).
- $11 million for the seismic upgrade of the Ecole Jules Quesnel Elementary School: 375 student capacity (School District No. 39 – Vancouver).
Province of British Columbia | Health Care Centre and School Projects
In 2011-12, the BCIIF made loans of $95 million to the Province of British Columbia to help fund the following projects, creating a total of 608 jobs.
- $30 million for the replacement of Duchess Park Secondary School: 900 student capacity (School District No. 57 – Prince George)
- $15 million for the upgrade and partial replacement of Laura Secord Elementary School: 705 student capacity (School District No. 39 – Vancouver)
- $25 million for the new Health Sciences Centre at the University of British Columbia Okanagan Campus: 128 student capacity – the Health Sciences Centre is a new building to house the medical program at the Okanagan Campus. The building includes classrooms, labs, and academic and administrative support spaces.
- $20 million for the replacement of Alberni District Secondary School: 1,000 student capacity (School District No. 70 – Alberni)
- $5 million for Au Coeur de L’ile Community School: 300 student capacity (School District No. 93 – Francophone Education Authority)
Province of British Columbia | Health Care Centre and School Projects
In 2012-13, the BCIIF made a loan of $45 million to the Province of British Columbia to help fund the following projects, creating a total of 288 jobs.
- $23 million for the redevelopment of the Willow Pavilion at the Vancouver General Hospital: The renovation of a six-storey building to accommodate a 79-bed acute mental health facility.
- $10 million for the Nanaimo Regional Hospital Emergency Department Expansion: The replacement and expansion of the emergency department from 963 square metres to 2,300 square metres.
- $12 million for the redevelopment of the Timber Creek Tertiary Facility in Surrey: The construction of a new 59-bed acute mental health facility for adults with serious, complex and persistent mental illness.