The 600 jobs promised as part of the $240 million Crab Cay development in Exuma are not likely to materialize within the immediate future, according to Minister of Financial Services and Investments Allyson Maynard Gibson, who recently indicated that the project is facing a delay.
While not giving specifics, Minister Maynard Gibson indicated that a “dispute” between the developers is in part to blame for the delay.
“The various parties [behind the development] themselves have some issues to resolve and they are in the process of doing that,” she explained. “Also, there are some issues relating to access to the cay or land that relate to clear title to land that private individuals are negotiating with the developer to buy.”
She added, “These issues have put the development as planned behind. Of course we’re disappointed that the development has not proceeded as planned, but these things are unavoidable, really.
“Nobody could forecast disputes between investors-The most important thing that we’re focusing on is the fact that the main person behind the development who actually has the money to fund it is absolutely still interested in this development.”
The government signed a heads of agreement with the developers in June 2003. The two-phase development was originally scheduled to be completed by 2006. But the Minister, in her recent interview with The Bahama Journal, declined to give specifics on a new timeline for the project.
“I would hate to put a timeline on that at this time because we are waiting for [the developers] to resolve their own internal issues and once that is done [they would proceed],” Minister Gibson said.
She added that the government would then have to sit down with the developers to negotiate a “realistic” timeline.
“Bahamians want to know when will [they] be able to get jobs, when will [they] be able to get contracts; when will [they] be able to move back to Exuma and participate actively in this project.”
But she said some work has been done.
“If you go there, you would see that dredging has taken place and initial steps to protect the artifacts and so forth [have begun]-so every indication of interest is there,” the Minister said.
Prime Minister Perry Christie announcement the development at the Cabinet Office more than two years ago in the presence of North Carolina developer, Pete Murphy.
The development will include 54 upscale market residences to be constructed on waterfront lots; a 20 room villa-style 5-star hotel; a marina with a minimum of 50 slips; restaurant; bar; swimming pool; cabanas; tennis courts; marina clubhouse; shops and utility services; a reverse osmosis desalination plant and other amenities.
At the time, Prime Minister Christie said such investments will boost economic activities and help the government meet its obligations.
“So clearly, this is an integral part of the overall development, commitment we have made to ensure that there are not only sufficient jobs for Bahamians, but in today’s times, where I have recently announced the absolute importance for the economy of The Bahamas to benefit from the inflow of capital so that we may be in a position to meet commitment of salaries, for example to public officers.”
By: Candia Dames, The Bahama Journal
