Cape Breton councillors approve Sydney port deal
Monday, 20 November CAPE BRETON POST

Published November 20, 2017 - 8:17pm 

SYDNEY — Councillors for the Cape Breton Regional Municipality have approved agreements with the developers of the proposed Novaporte container terminal and Novazone logistics park.

Councillors voted in favour of the agreements at a meeting Tuesday afternoon after an in-camera meeting.

The proposed agreements were reviewed by the Montreal office of PricewaterhouseCoopers and the findings presented in a report to council by Richard Deslauriers, PwC’s managing director, project finance and public-private partnership.

Deslauriers’s letter to council concluded that the transaction “meets CBRM’s goals and is a low risk approach for encouraging economic development,” the CBRM said in a news release. The firm was hired by CBRM to assess the reasonableness and adequacy of the proposed transaction of a port site lease and logistics site purchase. The release said the CBRM’s goals in the transaction are to recoup its investments, secure future tax revenue and encourage job creation.

Council reviewed the proposed agreements and PricewaterhouseCoopers’s analysis of the transaction and voted 12-1 to proceed with ratifying the agreements.

“I’d like to commend the negotiating team members for the work they did to ensure that Cape Breton Regional Municipality recovers costs and will benefit from the port’s success,” Mayor Cecil Clarke said in the release. “The acceptance of these agreements today 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, finalized.”
Detailed terms of the agreements are not being made public at this time.