The Gallant government has announced it is investing up to $2-million into a grant funding program for the development of business and industrial parks in New Brunswick.
The funding will be provided for five years, and the way it works is that the government will give up-front grants to the parks which would be equivalent to what they would be paying in provincial property taxes on the undeveloped land.
Premier Brian Gallant was in east Saint John today to make the announcement and says what’s important is making sure it’s going to be a strong business case.
“There’s no doubt that we’re going to be putting some money up front, if we’re going to invest in it we want to ensure that down the road we’re gonna be able to see economic activity,” says Gallant,
“And of course, businesses that are here that will then eventually, once the program is done after five years, be paying taxes to reimburse and give us the return on investment that we’re looking to have.”
Pleased to be in Saint John today to announce an investment to support business park development. pic.twitter.com/bBRxeVrth1
— Brian Gallant (@BrianGallantNB) January 23, 2017
This investment and new approach for business and industrial parks will help spur economic activity. https://t.co/qGbpoYx8mi
— Brian Gallant (@BrianGallantNB) January 23, 2017
The government says the funding is going to be available to parks owned by not-for-profit enterprises or municipalities and the park needs support from its local government.
The funding can only be used for infrastructure.
