The New Scotland Business Development Inc. (NSBDI) is a municipal corporation owned by the Town of New Glasgow and the Municipality of the County of Pictou.
The purpose of the company is to facilitate business development and economic growth opportunities through the sale of business park lands within the region of Pictou County.
In 2015, NSBDI purchased 45 acres of land adjacent to the existing East River Business Park. The Town of New Glasgow and the Municipality of the County of Pictou each provided a loan guarantee to NSBDI in the amount of $3,125,000 to purchase and develop the lands. The purchase and sale agreement included 17 acres of developed land with municipal water, wastewater and a road network already installed. Natural gas services are also present.
As the sole shareholders in NSBDI, the Town and Municipality cover interest costs on the borrowings of NSBDI. NSBDI has a principal balance of debt owing in the amount of $2,951,879. The Town and Municipality provide for the interest payments on the debt in the amount of $59,100 per year.