Anchor sees NSBI changes as opportunity to expand

Staff ~ The Burnside News
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Sackville Business Park

Anchor Industries Society plans on taking the government at its word after amendments to the Nova Scotia Business Incorporated Act were introduced to the legislature.

Anchor Industries Society plans on taking the government at its word after amendments to the Nova Scotia Business Incorporated Act were introduced to the legislature.

Economic and Rural Development and Tourism Minister Percy Paris has introduced changes that will allow the crown corporation to sell or transfer property to a not-for-profit organization or the provincial government at less than fair market value. This is a complete turn-around from the previous legislation, which required all transactions to be at market value or better.

It’s that provision that has kept Anchor from expanding before now. The Society provides job training and recreational programs to adults with intellectual challenges and owns its own facility in the Sackville Business Park. However, Nova Scotia Business Inc. (NSBI) owns the land the building sits on and Society Executive Director Marilyn Forrest says that arrangement doesn't leave Anchor with much collateral for the mortgage it needs to carry out its expansion plans.

The Society has considered buying the land in the past, but market value put it way beyond its budget. The new amendment could change that.

Anchor currently has 38 clients, plus a waiting list of almost 50. This is what’s prompting the expansion planning, since it could significantly reduce or even eliminate the waiting list.

In fact, the Society’s current situation is directly responsible for the new legislation. Paris visited Anchor’s facility about a year ago and says he has been considering a way to help them out ever since. That assistance has crystallized into the amendments he presented in the Legislature.

Organizations: Nova Scotia Business Inc., Anchor Industries Society

Geographic location: Nova Scotia, Sackville Business Park

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