Province completes acquisition of SRDC shares

Graduate student association seeks high-quality, accessible system

Representatives from UPEI’s They want government to graduate student association dedicate funds from the resources are in Ottawa lobbying politicians allocated to the aboriginal over education. languages initiative to support

Specifically, they are calling the development of learning for a high-quality and accessible materials and language courses system of public post-secondary at the post-secondary level. education in P.E.I. and The association also wants across Canada. government to fully implement

“Students from P.E.I. and the recommendations put forth across the country are in Ottawa by the Advisory Panel for the to send a clear message Review of Federal Support for to the federal government that Fundamental Science, including we will not accept any more an investment in basic, investigator-led broken promises,’’ said Ashley research. McKibbon, a graduate student “UPEI graduate students are representative. not alone in their struggles with

“We have a plan to make education high-tuition fees and rising student accessible to all. Now we debt,’’ said McKibbon. need our government to commit “We must move towards a to take action.’’ system of universally accessible

Students are in Ottawa as post-secondary education part of the Canadian Federation so that everyone in this country of Students’ national lobby has an equal opportunity to week. Students from the UPEI succeed.’’ association will meet with MPs The UPEI association represents and senators from the Island more than 400 graduate with three proposals to transform students at UPEI. public post-secondary education in Canada.

They’re calling for an elimination of tuition fees for all skilled trades and apprenticeship, college and university students, including international students, by restoring federal public transfers for post-secondary education.

It’s official; the government of P.E.I. is now the sole owner of the Summerside Regional Development Corporation (SRDC) and all its assets.

The Journal Pioneer has confirmed that a buyout offer by the province to the other two shareholders in the corporation was accepted just before the new year.

Since its founding in 1991, the SRDC had been owned and jointly governed by the province, which was the majority shareholder at 75 per cent, the City of Summerside, which owned 15 per cent, and the Greater Summerside Chamber of Commerce, which owned 10 per cent.

However, the province decided last year that it would shut down SRDC and move some of its responsibilities to new regional development councils. To accomplish its goal, it needed to buy out the other two shareholders.

The province valued the outstanding shares, which was determined by combining the total value of all the SRDC’s property, at $493,273.

The city opted to take a hybrid deal wth some of its compensation coming in the form of $129,964 in cash, while the remainder came in the form of a land transfer. It chose to take 565 Water St., valued at $166,000, which is a vacant plot of about eight acres of land adjacent to Green’s Shore.

The province gave both the chamber and the city the option to take some of the compensation in the form of land, but only the city opted to do so.

Dan Kutcher, president of the chamber, declined to discuss the amount the organization had received for its shares, but

he did say that a proposal for what to do with the money will be presented to the membership at the organization’s upcoming annual general meeting.

“When we make significant financial decisions, we usually go to membership for a proposal as to what to do,” said Kutcher.

The funds represent a great opportunity for the chamber to do something positive for the community, he added.

”I think it presents the chamber and the city … with an opportunity to be able invest some of those funds in further developing the local economy, creating jobs and opportunities for people.”

The SRDC’s remaining assets consist of eight pieces of property, the most significant of which is arguably the Holman Building in the city’s downtown. Three people also still work for the corporation.

A spokesperson for Department of Economic Development and Tourism, which is now managing SRDC, said that despite the buyout being completed no decisions have been made yet on the future of the remaining properties or the corporation itself.

“UPEI graduate students are not alone in their struggles with hightuition fees and rising student debt. We must move towards a system of universally accessible post-secondary education so that everyone in this country has an equal opportunity to succeed.’’ Ashley McKibbon