Loser: think like losers

I have been mulling over a pithy blog about the Irish high end housing community that is being proposed for, I believe, the Elgin area.

As I pondered what to say, my mind flashed back to a series of conversations I have had over the years with senior government officials – elected but also as high as the DM of ED&T (the precursor to BNB). All of these cases involved the official saying “why would company x ever want to locate in New Brunswick” or “we can’t compete with jurisdiction x” or “that type of industry would never locate here” and on and on and on. I came to the morbid conclusion that many of our ‘leaders’ at least at the time did not believe in New Brunswick. Did not believe that we could compete – for auto plants – for telecom plants – for IT studios -for big budget movies -for blah blah blah. They said they were just being realistic. Pragmatic. Practical.

Look around folks. This is where this attitude has gotten us. The number one source of revenue for the New Brunswick government – by far and increasing – is Equalization. The #1 source. In the past 10 years, population has dropped 1996-2006. Net out-migration for 14 straight years.

Where am I going with this?

To little old Elgin, New Brunswick. That’s where.

A high roller real estate developer does due diligence on a site in New Brunswick and is convinced that it could become a residential cluster for European and HNW North Americans. These types of residential clusters can be found all over North America. They are typically located in somewhat isolated locations – by design.

This project, as I understand, wanted no government assistance. Nada. The developer is to pay market rates for the land.

As massive project – big investment in New Brunswick. Jobs, high profile for the province.

But certain people are ‘skeptical’. The early media reports were downright hostile. The government – needed because there is crown land in the mix – is hedging.

What do you want to bet this developers telephone is ringing. From Nova Scotia. Quebec. Others. Jursidictions that actually give a rip.

Losers think like losers. I am sorry. I am usually a little more nuanced in my language but I don’t care. Losers think like losers.

Who friggin’ gives a rip if this developer is a complete scam? It’s no skin off anyone’s teeth. Take a friggin’ chance. Believe in New Brunswick, for once.

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0 Responses to Loser: think like losers

  1. Anonymous says:

    That’s easy to say, that’s how scams work. Remember PEI with all that ‘natural gas’ that was supposedly underground? Everybody said ‘just go for it’.

    Maybe you haven’t read the same reports I have, but there is far more to it than the above. From what I heard, first of all, part of the land that the developer wants is private property and the owner has no intention of selling.

    Next, apparantly the developer owns some land, however, here we need more specifics since the government says what it has been offered as ‘trade’ is nowhere near what is ‘fair and reasonable’ for this prime piece of crown land.

    Some of the reports have been hostile, but thats reporters doing due diligence, you can call it the Volpe disease if you want. This wouldn’t be considered ‘hostile’ except for the fact that Irving reporters are usually so pro business (because most industries have an irving presence) that its sickening.

    From what I read, the ‘negativity’ came from the fact that nobody would talk about it. Reporters tend to get irate when they are sent to an ‘official source’ and that source refuses to talk about it.

    There’s nothing wrong with skepticism, especially in real estate deals, especially in cases like this. That they want no ‘money’ isn’t quite true-they want crown land, which is the same thing. And when a company starts pre selling units at this stage then you should REALLY pay attention. It also raises all sorts of questions-if crown land can just be sold for this, what can’t it be sold for?

    I can understand frustration from the economic development front, whether it means buying into every deal that comes along seems short sighted. But from what I heard this deal is far from dead, and so some skepticism on the part of the government may work out in NB’s favour-too bad they don’t do it more often. I haven’t heard much lately, but I remember the day after the publicity about the ‘beer wars’ there was a small article about how Molson was having ‘technical difficulties’ and had ‘postponed indefinitely’ construction on their plant. Unfortunately, that is where foreign private investment often gets you, once you are halfway over the barrel, it becomes cheaper to keep bailing.

    So until all the story comes out, don’t get too pessimistic, and be happy for once the government isn’t so optimistic.

    It is a good point about the ‘why bother competing’ though. You can see that everywhere. In fact, although the tax increase isn’t huge, if you look at liberal policies you almost get the impression that they have completely bought into AIMS outlook and are seriously just trying to piss off as many New Brunswickers as possible to get them to leave.

    I won’t be surprised to soon see Elliot Lake advertisements for seniors. At the home pages of the respective Irving newspapers they all have ads for …..Nova Scotia!

    That isn’t changed though by buying into every deal that comes along, and New Brunswickers are right to be skeptical. Hopefully it will turn into a great deal, but that remains to be seen. Let’s not kid ourselves, its not GREAT, but its not as bad as some other things on the horizon. If wealthy irishpeople buy into it, it may start something, but at this stage the relevant question would be…how many units have been presold? And is this the kind of development NBers want? Not that there will be much choice.

  2. Anonymous says:

    Off topic, but its not all good news for Nova Scotia, another company heads to mexico:

    TrentonWorks railcar plant in Nova Scotia to close amid heavy losses

    Canadian Press

    TRENTON, N.S. — The TrentonWorks railcar plant in Trenton, N.S., will close later this year with the loss of 330 jobs.

    The plant’s general manager, Bob Hickey, announced the Oregon-based company’s decision to close in five to six months’ time in a news release on Wednesday.

    The company blamed the value of the Canadian dollar, high production costs and the plant’s location from major suppliers and customers for the decision to close.

    “Our operations have been under evaluation for several months because of poor financial results due to a lack of orders for the plant but we had hoped it wouldn’t come to this,” he said in a statement.

  3. Anonymous says:

    Way way off topic, but you gotta check this out: