Local boosters are offering the money to anyone who can come up with scientific proof Canada's answer to the Loch Ness monster exists.

"There has to be something out there," says John Singleton, manager of the Penticton Chamber of Commerce. "There's too many people who have seen something."

But no one is taking it too seriously.

"This initiative is meant to be a Valleywide one to create some fun for families and scientists alike," Singleton said.

An insurance policy from Lloyds of London is underwriting the $2-million prize. It cost about $2,500 to buy.

The contest, which grew out of discussions for a millennium project, runs for one year, starting this Labor Day in September.

Ogopogo is said to live in Okanagan Lake, located about 140 miles east of Vancouver, and there are regular reported sightings. A couple of years ago a Japanese scientific contingent used submersible radar equipment to search for the elusive lake creature.