On Wednesday, February 5, the Nova Scotia Farm Loan Board announced that it has called the loan of the Nova Scotia Provincial Exhibition Commission and has taken possession of its properties and assets.
According to a release from the farm board, NSPE Commission Chairman Bruce Kennedy was informed of the farm board’s action on Wednesday. The NSPE includes Truro Raceway.
The release has quoted Agriculture Minister Keith Colwell as saying, "It is a tough decision, but the right thing to do. The board must practice responsible lending, otherwise it wouldn't be able to support businesses in the agriculture industry. It has a responsibility to Nova Scotia taxpayers."
Colwell went on to say, "By calling the loan, the Farm Loan Board is ensuring the exhibition commission's property can be appreciated at its full market value."
Colwell said that he understands the importance of the NSPE to the community.
"We recognize the importance of the exhibition and its facilities to the Truro-Bible Hill community," said Colwell. "Steps will be taken to ensure operation and facilities are properly maintained in the interim. For those who use the exhibition's facilities, it will be business as usual for the time being."
(With files from the Nova Scotia Farm Loan Board)
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