Norton Sound Economic Development Corporation (NSEDC) will provide 15 communities with $133,333 this summer. On May 10th, NSEDC’s Board of Directors approved a mid-year community benefit share of approximately $2 million.
According to a press release from the corporation, one of NSEDC’s subsidiaries, Siu Alaska Corporation, has realized greater profitability and was able to issue this sizable dividend to NSEDC.
Board Chairman Dan Harrelson said in a statement, “NSEDC’s normal Community Benefit Share distribution comes at the end of the year, but we have been hearing from many of our communities that they are facing significant needs now.”
This is only the second time NSEDC has issued a mid-year benefit outside of its annual one provided in November. The first was distributed in 2012.
The City of Nome is expected to divvy up the funds to interested entities in June, during one of the city council’s regular meetings.
Image at top: Diomede, one of NSEDC’s member communities. Photo: U.S. Coast Guard, Petty Officer Richard Brahm.