The New Scotland Business Development Inc. (NSBDI) is a municipal corporation owned by the Town of New Glasgow and the Municipality of the County of Pictou.
The purpose of the company is to facilitate business development and economic growth opportunities through the sale of business park lands within the region of Pictou County.
The East River Road Business Park is continuing to grow in 2020.
The park, which is owned by the Municipality of Pictou County and the Town of New Glasgow, recently welcomed the addition of a new orthopedic assessment clinic that is expected to open this fall, said Business Development Officer Frank MacFarlane.
“The addition of the ortho clinic in East River Business Park is extremely positive for not only the Nova Scotia Health Authority but for the region in general. Parsons Investments Limited is a very reputable developer and their decision to purchase land and develop in the business park for this tenant was an obvious one. In fact, we hope to make announcements like this in the future as other healthcare-related businesses see the advantage of East River Business Park’s proximity to Aberdeen Regional Hospital,” he said.
Features of the new orthopedic assessment clinic include gym space, classrooms, and larger clinic spaces, which will allow the orthopedic assessment clinic and pre-habilitation team to offer the services that patients at other sites have been benefitting from.
The 17-acre commercial park located along the East River Road has been undergoing considerable development in the past year. Work recently finished on a new wastewater lift station replaced a current dated station in the Town of New Glasgow. It provides new wastewater services to the park as well as some existing businesses along the East River Road.
A new signalized intersection is also located at the end of North Novie Drive, which is the road going into the business park off of East River Road. It was originally thought a roundabout could be located in this area to provide access to the park, but a signalized intersection was the preferred choice of New Scotland Business Development Inc which oversees work being done in the park.
“We expect the signalized intersection to be fully functional in the next couple of weeks. Access to the business park from East River Road is critical as it is the busiest vehicular corridor in the region. The new intersection and lift station, together with the recent installation of LED lights on all of the poles makes the site the perfect location for any business,” said MacFarlane.
He added that interest in the park in the past year has been steady despite the economic uncertainty associated with COVID-19.
“I hope to share news about future development in the coming weeks,” MacFarlane said.
In 2015, NSBDI purchased 45 acres of land adjacent to the existing East River Business Park. The Town of New Glasgow and the Municipality of the County of Pictou each provided a loan guarantee to NSBDI in the amount of $3,125,000 to purchase and develop the lands. The purchase and sale agreement included 17 acres of developed land with municipal water, wastewater and a road network already installed. Natural gas services are also present.
As the sole shareholders in NSBDI, the Town and Municipality cover interest costs on the borrowings of NSBDI. NSBDI has a principal balance of debt owing in the amount of $2,951,879. The Town and Municipality provide for the interest payments on the debt in the amount of $59,100 per year.