News Release

For immediate release 
March 4, 2003

Minister Allan Rock announces $ 1.5 Million Investment for 
New Waterford

New Waterford, N.S. – Allan Rock, Minister of Industry, today announced more than $ 1.5 million for economic and community development in the New Waterford area. The Funds will enable the revitalization of downtown New Waterford by the New Waterford and District Economic Renewal Association, and the construction of new soccer facilities by the New Waterford Wellness Society. 

“As New Waterford prepares to celebrate its 90th anniversary, the revitalization of the downtown core and the establishment of a sports tourism facility designed to make the community a centre for both training and tournaments, builds the momentum that will lead to economic recovery,” said Minister Rock.

“Focus must be given to improving the investment climate while, at the same time, supporting and developing strategic infrastructure, said Mr. Eyking, Member of Parliament for Sydney-Victoria. “The activities recommended in both the revitalization project and the sports facility will set the stage for further investment and job creation.”

Financing for these projects is being made available through Enterprise Cape Breton Corporation (ECBC) and the Atlantic Canada Opportunities Agency (ACOA), and is designed to help the community strengthen its economic base.

The total estimated cost of the downtown revitalization project is $1,250,000. ECBC, through its Community Adjustment Fund, will provide a non-repayable contribution of $750,000 and another $300,000 through the Strategic Community Adjustment Fund (SCIF). The sports tourism facility will also receive non-repayable SCIF funding of $455,000 toward a project valued at $650,000.


FOR FURTHER INFORMATION, CONTACT:
Selena Beattie
Office of Allan Rock
Minister of Industry
(613) 995-9001

Mary Ann MacCormick 
ECBC Communications
Tel: (902) 564-7269 

Ron MacDonald, Chair
NewERA, Community Development 
Tel: (902) 565-5036 

Lowell Cormier, Chair
New Waterford Wellness Society
Tel : (902) 862-8011