Royal Island
Heads of Agreement signing
The Bluff, Eleuthera

14th December, 2006
 

I am most delighted to be here in historic and beautiful Eleuthera today.

Today’s launch of this major and unique development will add to the justifiably proud heritage of this island.

Make no mistake; this development is destined to have a significant impact not only on the economy of Eleuthera.

The impact of Royal Island will be felt not only in the immediate area of North Eleuthera, but also upon the Island of Eleuthera as a whole.

Royal Island’s natural beauty and the tasteful, low rise traditional architecture will ensure that Royal Island becomes a compelling attraction.

Exquisite residential buildings, superb golf, marina and spa facilities will come together to form an upscale world class resort.

The developers are experienced and well funded; and we are confident that the $700 million being spent will create a precious jewel for Eleuthera to shine in the crown of Bahamian tourism and opportunity.

At the outset, let me join Minister Peet in extending to Mr. Chris Marguire and all of the shareholders and directors of Royal Island Bahamas Ltd. a very warm welcome to The Bahamas.

We are delighted with the great confidence which they are displaying in the Government, the people and the economy of The Bahamas with their magnificent investment in this major development.

You have heard the developer and Minister Peet speak of the various components of this grand project and its very significant economic impact.

My Government, for its part, is looking forward to forging a very real partnership with Royal Island.

This partnership with Royal Island Bahamas Ltd. will be a profitable venture…

It will also bring lasting enhancements, improvements and unprecedented economic opportunities here to The Bluff, Lower and Upper Bogue, the Current and to the surrounding settlements.

I am speaking about quality of life for Eleutherans and other Bahamians seeking opportunity here.

I am speaking about excellent employment, entrepreneurial, joint venture and a variety of other business opportunities which are certain to be fostered by and emanate from this development.

In this regard, during our discussions and negotiations with the developers, my Government has laid the greatest importance on the creation of new economic opportunities.

We have insisted that these new opportunities be created for as many Bahamians as possible.

Our agreement with the developers of Royal Island is intended to broaden and empower the widest possible cross-section of the people of Eleuthera to provide services, goods and expertise for this enormous project.

We have negotiated and enshrined in the Heads of Agreement certain important obligations.

These obligations on the part of the developers are worthy of special note.

Among the negotiated obligations of the developer is the construction, expansion and re-development by the developer of the public dock facilities at the Bluff…

This means the dredging and reclamation of an additional 2.5 acres of land…

This acreage will provide a welcome centre and staging area to be leased to the developer.

On this reclaimed 2.5 acres, the developer is also obligated and committed to provide:
20 slips at the expanded public dock for use by the public;

A dredged launch area for local boaters;

The developer will upgrade and beautify the straw market, the existing dock, the toilet facilities and the general landscaping;

The developer is also responsible for the ongoing upkeep and maintenance of these facilities; AND

The developer will also provide 40 public parking spaces at the public dock.

Let me tell you some more: and by the way, I should congratulate the chief negotiator on this arrangement with Royal Island, Dr. Baltron Bethel.  You know he must be from Eleuthera!

The developer is responsible for the beautification and landscaping of the verges on the roadway from North Eleuthera Airport to the Bluff dock;

The Developer and the Government will review the facilities at North Eleuthera Airport with a view to mutually agreeing any necessary upgrade;

The Developer will meet the initial and ongoing cost of office accommodation, housing, salary, transportation and other expenses associated with Government officials being posted to North Eleuthera as a result of the development.

The Developer will assist with the provision of such additional educational, health, environment, environmental health, police and community related facilities as may reasonably be required.

And I’m not finished yet!  There will be participation by the Developer with the Ministry responsible for Housing in the development and construction of a housing subdivision on Government lands in the vicinity of the Bluff.

The developer will be responsible for the provision of infrastructure within the subdivision including roads, public utilities, a public park and other relevant public utilities.  This is to include a public clinic which would be built and equipped by the developer and operated by The Ministry of Health.

Sufficient housing would be allocated by the Ministry of Housing to accommodate 150 employees, which will be financed by the developer.

Sufficient acreage will be granted to the Developer for construction of a dry dock, storage and support facilities for the development;

The Developer will also construct staff housing for up to 100 employees on Royal Island.

I should also note that the Developer is committed to abide by the outcome of the Government’s proposed Marina Policy which may provide, among other things, for the payment of berthing fees to the Government in addition to the lease rental of the sea bed.

Ladies and gentlemen, I invite you to put this all together:

Royal Island, the magnificent project here today; the vibrant resort and residential product of Harbour Island; the luxury Starwood branded resort in South Eleuthera on which steady progress is being made by Bahamian businessman Mr. Franklyn Wilson and his partners.

This all augurs well for the future progress and prosperity of Eleuthera as a whole.  In fact, what we are witnessing here today is the brilliant rebirth of Eleuthera as a major force in the Bahamian tourist economy.

This is all part of a major initiative upon which my Government has been steadily working.  We are preparing and we are carrying out a Master Plan for Eleuthera that will make this entire Island a Five Star product experience.

The international planning firm EDAW which we commissioned to prepare the study has virtually finalised their work on the Master Plan which only awaits the completion of aerial mapping of the Island.

I must now solemnly appeal to all Eleutherans: apply yourselves and embrace these golden opportunities with energy and purpose.

I call on you to share in the bounty that The Royal Island and other developers will help to generate and will themselves enjoy.

This development is part and parcel of the intention of my Government to bring about an extended period of unprecedented prosperity for Eleuthera, its residents and all Bahamians.

Thank you very much.