News Release

For immediate release 
June 16, 2003

“Incubator” Building Receives Government of Canada Funding

New Waterford, N.S. – Allan Rock, Minister of Industry, and Gerry Byrne, Minister of State responsible for Enterprise Cape Breton Corporation (ECBC) and the Atlantic Canada Opportunities Agency (ACOA), today announced Government of Canada funding of $4.1 million for the establishment of an “incubator” building as part of New Waterford’s on-going economic revitalization program. As the name indicates, this incubator building is designed to “hatch”, and provide housing for, light industrial or service-related businesses starting up in the area. 

“With New Waterford’s 90th anniversary celebrations coming up in July of this year, this incubator building will be an important addition to the town’s strategic infrastructure,” said Minister Rock. “This is the kind of flexible, innovative project the town needs to pave the way for future investment in the community and set the stage for further economic recovery.” 

The New Waterford and District Economic Renewal Association (New ERA) will oversee the construction of the 40,000 sq. ft. facility on Plummer Avenue, which will be used to attract new industry to the town. The building will be designed to ensure its adaptability and suitability to the needs of future business tenants. It will be situated on a large lot to allow for possible expansion and will provide ample parking. The incubator building will also serve as an anchor for the town’s main street revitalization efforts. 

“A facility of this size, offering easily modified, good quality business space is an important piece of economic development infrastructure,” said Mark Eyking, Member of Parliament for Sydney-Victoria, speaking on behalf of Minister Byrne. “The incubator building will be used to attract new businesses to New Waterford resulting in new investment and new jobs.”

“The need for this type of infrastructure was identified through a strategic planning exercise commissioned by New ERA in 2000-01,” said 
Ron MacDonald, Chairperson of New ERA. “We are confident that as the various components of the plan fall into place, the economic prospects of our community will improve dramatically.” 

The total Government of Canada commitment to the incubator building is 
$4.1 million. ECBC, through its Community Adjustment Fund (CAF), will provide a conditional grant of $3.6 million, while ACOA’s Strategic Community Investment Fund (SCIF) will provide a non-repayable contribution of $500,000. 

Background Notes

· The Community Adjustment Fund is an incremental allocation from the Government of Canada, administered by ECBC, designed to assist those communities most affected by the closure of the Cape Breton Development Corporation (DEVCO). 

· Enterprise Cape Breton Corporation offers programs in support of economic development initiatives and is responsible for delivering ACOA' s programs on Cape Breton Island and in the Mulgrave area.

FOR ADDITIONAL INFORMATION CONTACT:

Media Relations
Industry Canada
Tel: (613) 943-2502 

Ralph Meechan 
Office of the Honourable Gerry Byrne 
Minister of State 
Tel: (613) 941-7241

John Coady
Office of Mark Eyking, MP
Sydney-Victoria
Tel: (902) 567-6275 

D.A. Landry 
ECBC Communications 
Tel: (902) 564-3617

Mr. Carl Getto, Manager
NewERA
Tel: (902) 862-7870