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October 27, 2003
For immediate release
Major Industrial Building to Be Established in the West Prince Business Park
Development and Technology
The 50,000 square foot industrial building is being built with the intention of providing space to companies in the aerospace, manufacturing and/or wind energy industries. Negotiations are in the final stages to secure a major tenant for the facility.
"This area of western PEI is impacted by significantly higher unemployment rates than the rest of the province. This building, once occupied, will help to lessen western PEI's reliance on seasonal jobs, bringing more full-time, year-round employment opportunities for everyone," noted Joe McGuire, on behalf of Gerry Byrne, Minister of State for the Atlantic Canada Opportunities Agency (ACOA). "I am very pleased that ACOA is showing its commitment to this region by providing $1.5 million toward the construction of this facility."
"The development of strategically placed infrastructure is essential to the support of long-term, full-time employment in the western part of Prince Edward Island," said Minister Currie. "By offering a modern facility, with additional tax incentives, we are confident that we will be able to attract a business or businesses which will help to provide excellent job prospects to the people of West Prince."
At present, there is very little light manufacturing space available in western PEI, particularly for the types of businesses being sought as tenants for this facility. In combination with special provincial tax incentives, this building has tremendous potential to attract major companies looking to establish or expand in this region. In addition, the tenants who ultimately locate here will require support from local light manufacturing operations. This spin-off work will help to strengthen the local business community and open up additional opportunities in the years to come. With Small Business Week celebrations well underway, the business community of western PEI has an additional reason to feel optimistic.
"This is a tremendous opportunity for the neighbouring communities and for all of western PEI," added Harvey Stewart, Chair of Resources West. "This area offers such a tremendous quality of life and, with the addition of this important manufacturing facility, we're convinced that entrepreneurs will see the obvious advantages to expanding or starting their businesses here."
The Government of Canada's Strategic Community Investment Fund will support the construction of this new 50,000 square foot industrial complex within the West Prince Business Park through a $1.5 million contribution. The Province of Prince Edward Island is providing $1 million, with $500,000 directed toward the building's construction costs and another $500,000 for modifications required by tenants as they're secured. The new complex will provide the necessary infrastructure to encourage business investment in the area and to support the growing manufacturing sector developing in western Prince Edward Island.