A new industrial complex for Kensington was announced today by the Government of Canada, the Province of PEI and the Central Development Corporation. The 15,500 square foot facility, to be located in the Kensington Area Industrial Park, will increase central PEI's capacity to attract new and expanding businesses.
"I am very pleased to be here today to announce funding under the Strategic Community Investment Fund for the creation of this complex," said Wayne Easter, Member of Parliament for Malpeque, on behalf of the Honourable Gerry Byrne, Minister of State for the Atlantic Canada Opportunities Agency. "This project will play a significant role in strengthening the economic base of this area. The Government of Canada is proud to continue to deliver on its commitment to economic development in rural communities as outlined in the Atlantic Investment Partnership."
"To successfully grow and expand the economy of this area, it is paramount that we continue to put the necessary infrastructure in place," said Hon. Mitch Murphy, Minister of Agriculture and Forestry and MLA for Kensington-Malpeque. "The Government of Prince Edward Island remains committed to building the economy of this province by investing in communities like Kensington."
This project was identified as critical to the economic development of central PEI by the Kensington and Area Chamber of Commerce, the Town of Kensington and other partners committed to creating a stronger local economy. When completed, the complex will provide fully serviced light industrial space and will consist of 1,500 square feet of office space and four units ranging in size from 1,500 square feet to 6,000 square feet. Construction is expected to be completed by the fall of 2002.
"We're happy to be moving ahead with this necessary development in the business park," said Norman Gallant, Chair of the Central Development Corporation. "In the past two years alone, the CDC has leased out approximately 50,000 square feet of space to new and expanding companies, with limited space remaining. This complex will provide quality rental space to meet this increasing demand."
A non-repayable amount of $400,000 under the Atlantic Canada Opportunities Agency's Strategic Community Investment Fund will be contributed to the project. Prince Edward Island Business Development will provide $250,000. The Central Development Corporation will contribute $350,000, and the Town of Kensington will provide the land valued at $60,000.
The Strategic Community Investment Fund is a component of the $700 million Atlantic Investment Partnership, a five-year Government of Canada initiative designed to help Atlantic Canadians compete in the global, knowledge-based economy.