First stage approval for new Canadian container terminal development
A regional council in Canada has approved an agreement to lease or sell a parcel of Port of Sydney land to a private consortium to build a new container terminal and logistics park.
The agreement between the Cape Breton Regional Municipality (CBRM) and the developers of the proposed Novaporte container terminal and Novazone logistics park, has been called a ‘game changer’ for employment in the region.
In a report to the council, Richard Deslauriers, partner at PricewaterhouseCoopers (PwC), which reviewed the transaction on behalf of municipality, said the transaction: “Meets CBRM’s goals and is a low risk approach for encouraging economic development.”
PwC was hired by CBRM to assess the reasonableness and adequacy of the proposed transaction of the port site lease and logistics site purchase.
CBRM’s goals in the transaction are to recoup its investments, secure future tax revenue and encourage job creation.
Mayor Cecil Clarke said: “The acceptance of these agreements allows the developers, Sydney Harbour Investment Partners, to proceed in the marketplace with the terms of the arrangements with the land owner, in this case the municipality, finalised.”
Detailed terms of the agreements are not publicly available at this time, but PwC’s analysis recognises that if the municipality proceeds with the purchase, it will recoup its investments, collect tax revenue that covers the full cost of services provided, as well as additional amounts which reflect the project’s success going forward.
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