NSEDC communities get a boost in CDQ’s profits

Fifteen communities affiliated with Norton Sound Economic Development Corp. will receive an additional $167,000 bonus from the community development quota entity, for a total 2018 distribution of $300,333, NSEDC said Nov. 5.

The $167,000 community benefit share for each community was approved during the NSEDC’s third quarter meeting in Unalakleet.

The community benefits program has, since 1999, allocated over $32.7 million to member communities, with each community receiving over $2 million over the years for programs and activities.

NSEDC traditionally issues an annual community benefit share t its quarterly meeting held in November. For the past six years that share has been issued at $150,000 per community. In May, NSEDC’s wholly owned seafood subsidiary Siu Alaska Corp. issued a $2 million dividend to NSEDC, which the board distributed evenly between communities, allowing for a mid-year share. The board’s decision to distribute another $167,000 to each community brings the total community allocation for 2018 to $300,333.

“With dwindling resources, there is financial need in many of our Norton Sound communities,” said Dan Harrelson, chairman of the NSEDC board. “The end-of-the-year community benefit share is a greatly needed boost to our communities. Thanks to a well-managed corporation, NSEDC is capable of providing important and timely benefits like the CBS.”

The NSEDC board also awarded $20,000 each to two programs to boost the number of home-grown educators for the region, and $810,000 for large infrastructure projects, including $300,000 for inner harbor concrete launch ramp repair in Nome.