The Bahamas government needs to borrow 50 million dollars to finish the Oakes Field stadium and build the necessary supporting infrastructure.<\/p>\n
So, the $30 million dollar ‘gift of a stadium’ to be built primarily with foreign labour; sending their labour income out of the country and paying for most of the material to foreign providers, finally comes clear to one and all.<\/p>\n
Taxpayers are going to pay for the borrowing of another $50 million dollars in order to complete the building and the infrastructure.<\/p>\n
So, the $30 million stadium is actually going to cost $80 million.<\/p>\n
What is the $50 million to be spent on? Maybe, someone will outline the stadium related items?<\/p>\n
If it takes just five percent of the cost to maintain the project and another five percent to pay for the eventual replacement, then the stadium needs to make a net profit of more than $8 million annually besides what it should contribute to the government to assist in the repaying of the loan.<\/p>\n
Unless, of course the government is going to find a free loan from China so that the $50 million does not become real money!<\/p>\n
Unfortunately, there is no such thing as a free lunch!<\/p>\n
The stadium is going to have to make a net profit of more than $666,000 per month or more than $153,000 per week, just to pay for maintenance and eventual replacement.<\/p>\n
Extra money will have to be made each month to pay for the operating staff, electricity and water.<\/p>\n
Using the rationale of Zhivago Laing and others in the destruction of our Bahamas, it will make sense to borrow the $50 million from China for a low interest rate and then bring in a few hundred Chinese workers to finish the stadium and to build the infrastructure.<\/p>\n
No matter that they might very well charge you five percent or 10 percent more than some other contractor might charge.<\/p>\n
We have become a nation of begging idiots! Obviously, no one even bothered to read the contract offering for the stadium- they just looked at the pretty pictures. Maybe, we should publish all potential agreements with the government using pop-up picture books, since no one reads!<\/p>\n
The rich and powerful will find a way to be served by this boondoggle, but the rest of us will pay the price.<\/p>\n
By: Philip P. Smith \ufeff<\/p>\n","protected":false},"excerpt":{"rendered":"
Bahamian taxpayers will end up paying over $50 million for the $30 million dollar ‘gift of a stadium’ built by the Chinese.<\/p>\n","protected":false},"author":17,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":{"facebook_10223285771444175_51037792744":""},"rop_publish_now_history":[],"rop_publish_now_status":"pending","footnotes":""},"categories":[14],"tags":[91],"class_list":["post-2788","post","type-post","status-publish","format-standard","hentry","category-opinions","tag-china"],"_links":{"self":[{"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/posts\/2788","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/users\/17"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/comments?post=2788"}],"version-history":[{"count":0,"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/posts\/2788\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/media?parent=2788"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/categories?post=2788"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/tags?post=2788"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}