The non-profit board that operates Ministers Island, N.B., is hoping to attract businesses to the tourist site to help defray the costs of fixing up some of the island's centuries-old buildings. (CBC)

A volunteer group that operates scenic Ministers Island off the coast of St. Andrews is hoping to lure businesses to the historic site to help defray the costs of maintaining some of the island's 200-year-old buildings.

The New Brunswick government bought Ministers Island in 1977, but it has never anted up money to repair many of the centuries-old structures that are boarded up or falling down.

So, the volunteer board is inviting proposals from businesses that are interested in setting up on the island to operate farms or eco-tourism opportunities.

It is estimated to cost $40 million to restore all 11 buildings located on the 200-hectare island, which is registered as both a national and provincial historic site.

Walter Kozak, a representative with the non-profit Van Horne Estate on Ministers Island, said the idea is to help cut into the cost of rehabilitating the buildings, which otherwise could be lost forever.

"It's a real problem, but once again, it all comes down to money," Kozak said.

"We have to go out and raise it or make it, one of the two."

Minister's house built on island in 1786

Ministers Island has been a summer destination for centuries, first for First Nations people and then for Canadian railway builder William Cornelius Van Horne, who constructed the holiday paradise.

Ministers Island is named after Rev. Samuel Andrews, an Anglican minister who built his house on the island in 1786. It is one of the properties still standing today.

Among the other buildings that remain on the island is Van Horne's 10,000-square-foot cottage that he started building in the 1890s.

Tourism numbers are growing, and there is hope that the prospect of cashing in on tourism opportunities could help save the buildings.

Some St. Andrews residents have opposed any kind of resort development on the island.

Gerald McEachern said they will not consider anything like that.

"This is kind of a challenge to New Brunswickers to come up with ideas … [for] significant natural resources that are underutilized, and I think that's common in Canada," he said.