Finance Minister On Govt Guarantee For WEDCO

December 16, 2015

Speaking in the House of Assembly today [Dec 16], Minister of Finance Bob Richards said, “In accordance with Section 2 AA [3] of the Government Loans Act 1978, I rise this morning to inform this Honourable House of the execution of an unconditional Government Guarantee of the West End Development Corporation payment obligations in relation to a $39 million credit facility provided by the Bank of N.T. Butterfield & Son Limited.

“The facility is related to the reclamation of 11.2 acres for commercial use including the America’s Cup at South Basin, Dockyard.  The project loan term is for a period of 6 years from the date of initial draw down.

“With the America’s Cup on the horizon the Government is eager for the Project to proceed and succeed, and is looking forward to working with WEDCO, the ACBDA and the developer to achieve that objective.”

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  1. jeremy deacon says:

    I would like to hear more about the terms and conditions of this – especially the circumstances when the Govt could be called in to pay. Whilst I’m not against this sort of policy if it means getting developments going, I’d like to know a lot more about our (the taxpayers’) exposure

  2. chip says:

    you all need 2 stop and stop messing the money up and if all does not work out who,s taken the blame not tax payers right!

  3. Turnip says:

    With this, land tax increases, CoH bailout, current deficit, and missing millions I am getting very nervous despite the supposed turnaround and Americas Cup influence

  4. Frank says:

    The Term is 6 years ! Dame they are making tons to pay off a $39 million loan in 6 years. That is $6.5 million paid back per year.

  5. Truth is killin' me... says:

    I’m getting tired of all this talk about getting money from here and there. All I see is the taxpayers getting put on the hook (land tax increase etc.) You better start recouping moneys owed to the Government (parking fines etc.) and certain indidviduals who stole go before the courts or your term is gonna be a one hit wonder!