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March 10, 2005
For immediate release

Summerside Regional Development Corporation to Move Ahead with Renewed Mandate

Development and Technology

Summerside Regional Development Corporation will move ahead with a renewed mandate and a fresh approach to development. SRDC’s board of directors, including representatives from the City of Summerside, the Great Summerside Chamber of Commerce and the provincial government, met Tuesday night. Among other things, the Board agreed to engage a consultant to examine the current mandate of SRDC and to make recommendations about a fresh approach for the corporation.

Gardiner MacNeill, President of the Summerside Regional Development Corporation, says he is pleased with the results of the meeting. “Decisions have been made that will change the future focus of SRDC and we look forward to a continuing development role in the Summerside area,” he said.

The Corporation has also agreed to list all of its assets for sale. As a result, the province has negotiated with the bank to extend its $3 million loan. This will mean the provincial government will not have to cover the loan guarantee. Any surplus received on the sale of the assets after the liquidation of secured debts will remain with SRDC as a development fund for future projects.

There has already been interest expressed in a number of the properties.

“I sensed a real spirit of co-operation around the table at the meeting and a real sense that it was time for SRDC to get out from under its financial constraints and move ahead with positive development for the City of Summerside,” said Development and Technology Minister Mike Currie, who represents the provincial government on the Board. “The provincial government is pleased by the willingness shown by all parties to resolve this issue and to move ahead.”

The consultant will work with a number of groups, including the City of Summerside, the Chamber of Commerce, downtown business and tourism groups to determine the best role for a re-invigorated SRDC.

Media Contact: Ann Thurlow
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