CONFLICT IN BAHA MAR STATEMENTS
By CANDIA DAMES
Guardian News Editor
candia@nasguard.com:
Prime Minister Hubert Ingraham and Baha Mar have both made statements in recent days about the planned $2.6 billion deal at Cable Beach, but there appears to be conflicting statements related to when hundreds of acres of publicly-owned land would be transfered to Baha Mar.
In bringing the Baha Mar resolution to Parliament last week, Ingraham laid out, among other matters, issues related to how the land deal would be structured.
"Because of the conditions precedent set by Baha Mar's financiers the Export-Import Bank of China and the China Construction Engineering Company these lands are required to be transferred in advance of the start of construction of the project,"the prime minister said.
However, Baha Mar claimed two days later that,"The government lands will only be transferred after construction starts and the financing is formally in place."
In total, Baha Mar will receive 264.965 acres of government-owned and Crown lands for the development.
As reported earlier, Ingraham has said these lands will only be transferred for the expressed purpose of facilitating the development and should the development not proceed the land must return to the government.
According to Baha Mar,it will pay $62.6 million to acquire the government land on which the Wyndham Resort and the Nassau Beach Hotel sit, and the parcels occupied by the nearby Fidelity Bank and old Hobby Horse Hall.
Under the deal the Cecil Wallace-Whitfield Centre which currently houses the Office of the Prime Minister will be transferred to Baha Mar, in return for a cash payment to the government of$18 million and 2.259 acres of land.
Baha Mar has said the project is completedly owned by the Izmirlian family.
The Chinese will only finance and construct the project, according to the company.
9/14/2010
thenassauguardian
A political blog about Bahamian politics in The Bahamas, Bahamian Politicans - and the entire Bahamas political lot. Bahamian Blogger Dennis Dames keeps you updated on the political news and views throughout the islands of The Bahamas without fear or favor. Bahamian Politicians and the Bahamian Political Arena: Updates one Post at a time on Bahamas Politics and Bahamas Politicans; and their local, regional and international policies and perspectives.