Islanders on the hook? P.E.I. beef plant under financial microscope

摘要

The long-term future of the region's only federally-inspected beef plant became a political hot potato for the Pat Binns government after Prince Edward Island taxpayers learned they were on the hook for close to $29 million. Planning for the AtlanticBeef Products Inc. (ABP) plant in Albany, P.E.I., began in 2003 in the wake of a decision by Hub Meat Packers to get out of beef production. The plant was built by Prince Edward Island contractor Fitzgerald and Snow on a lease-to-own basis. The construction company owns the plant and most of the equipment and leases it back to ABP for an annual payment of $ 1.3 million, which is guaranteed by the province.