Mr. Speaker, Port Saxon in Shelburne County will lose 25 jobs in December this year when Acadia Seaplants relocates to Cornwallis Park. This relocation is occurring because of a $1 million loan from the federally funded Cornwallis Park development and a $750,000 interest free loan from ACOA.
When the new plant is operational it will create 32 jobs. However, 25 jobs are already in Shelburne County so the net gain of jobs is only 7. This is a wrong approach to job creation.
It is worth stating that the cost of these seven jobs is $1.7 million. Surely this is not a good investment. Plus the loss of the 25 jobs in Port Saxon, Shelburne County, is a serious blow to the economy of Shelburne County as the economy is already reeling and has been ravaged by the downturn in the ground fishery.