News Release

For Immediate Release
August 26, 2006

DOWNTOWN SYDNEY TO RECEIVE PHASE II FUNDING

Sydney, N.S. - The future looks bright for downtown Sydney as additional funding was announced today by the Honourable Peter MacKay, Minister of Foreign Affairs and Minister of the Atlantic Canada Opportunities Agency (ACOA).

The Cape Breton County Economic Development Authority (CBCEDA) will use this funding to offset the costs associated with Phase II of the downtown Sydney revitalization project. A business façade program will be initiated and improvements will be made along the waterfront, a parking area and the scenery of downtown Sydney.

“The Government of Canada is committed to funding infrastructure improvements to allow communities to prosper and grow socially and economically,” said Minister Peter MacKay. “Sydney is evolving into a great place to do business and the improvements to the downtown area will make it more attractive for local consumers, tourists and investors.”

“The downtown area of Sydney is a major market for further development,” says Eileen Lannon-Oldford, CEO of CBCEDA. “With Phase I of our revitalization initiative complete and another to begin, Sydney is well on its way to achieving significant growth in its economy.”

The total cost of the project is $2 million. CBCEDA will receive a $1 million contribution from ACOA’s Innovative Communities Fund (ICF).

The Cape Breton Regional Municipality (CBRM) will partner with a contribution of $200,000.

CBCEDA is an incorporated non-profit organization which drives economic development at the local level. CBCEDA is the Regional Development Authority for Cape Breton County and receives funding from three levels of government – Federal, Provincial and Municipal, based on a Strategic Action Plan.

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.

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For Additional Information Contact:

Eileen Lannon-Oldford
CEO, Cape Breton County Economic Development Authority
Tel: (902) 562-2201

Jennifer Crocker
ECBC Communications
Tel: (902) 564-3917