Hashtag: #MorgansPoint
Government Issue RFP For Morgan’s Point
The Government has issued a Request for Proposals [RFP] for “architectural design and support services in providing planning, design and other support services for the Morgan’s Point development project.” The document [PDF] said, “The purpose of this Request for Proposals [RFP] is an invitation by Morgan’s Point Development... Read more of this article
Cabinet Approves Morgan’s Point Project
[Updated] The Cabinet has approved the completion of Morgan’s Point, with 101 residential units planned for phase one along with an amenity village with restaurants, shops, a boardwalk and more, with the Premier saying that “initial cost estimates for this first phase are $130 million.” Premier Burt tweeted the images below, saying: “Exciting... Read more of this article
‘Managing Site To Secure Return For Taxpayers’
“We want to put the land on which the failed project sits into productive use and generate cash returns that will eventually return funds to taxpayers,” Premier David Burt said said, adding that “today’s tabling of the Morgan’s Point Company Act 2022 is the first step in that journey.” Speaking in the House of Assembly today... Read more of this article
Minister Updates On Caroline Bay Situation
To date the Caroline Bay developers have not paid anything on the claims outstanding and the Joint Provisional Liquidators are assessing the affairs of the company and will engage in a process to sell the company’s assets to raise funds to satisfy creditors’ claims. This was from Minister of Finance Curtis Dickinson in the House of Assembly today... Read more of this article
Govt Starts Legal Proceedings Over Caroline Bay
The Bermuda Government has “commenced legal proceedings intended to place the assets at Caroline Bay under the control of Provisional Liquidators.” Last year Finance Minister Curtis Dickinson confirmed that the developers defaulted on their loan, and since the previous administration provided a guarantee of up to $165 million for the project... Read more of this article
’42 Of 46 Subcontractors Have Now Been Paid’
The Government confirmed that 42 of 46 subcontractors at the Caroline Bay project at Morgan’s Point have now been paid, and said they “continue to work with our advisers and the developers to find a way to best protect the interests of the people of Bermuda.” Late last year Finance Minister Curtis Dickinson confirmed that the developers... Read more of this article
Govt Completes Purchase Of Caroline Bay Debt
The Ministry of Finance announced today that on October 7th it “successfully completed the purchase of the Caroline Bay project loans that were subject to Government of Bermuda guarantees.” A Government spokesperson said, “”On September 13, 2019, Minister of Finance Curtis Dickinson tabled an amendment to the Government Loans... Read more of this article
Column: Key Questions Remain Unanswered
[Opinion column written by OBA Leader Craig Cannonier] There’s probably no-one left in Bermuda who has not heard about Caroline Bay and its dramatic and extremely unfortunate demise. The One Bermuda Alliance has been cast as the villains with former Finance Minister Bob Richards singled out for particular blame. Before I go further, it must be made... Read more of this article
Minister: $200 Million Loan Facility Agreement
The Ministry of Finance executed a $200 million credit facility with the Bank of Butterfield and HSBC Bermuda, Minister of Finance Curtis Dickinson said, explaining that “at this time Government has not borrowed $200 million but rather has a facility in place to borrow up to this amount.” The Minister noted his press conference held earlier... Read more of this article
Column: Work To Turn This Situation Around
[Opinion column written by OBA MP Michael Dunkley] “If you do not have a record to run on then paint your opponent as someone to run from.” - Former President Barack Obama. It is so typical of the PLP to try and paint the One Bermuda Alliance in the worst possible light at every opportunity to take the focus off their own failures prior to... Read more of this article
Column: ‘Clean Up The OBA’s $165 Million Mess’
[Opinion column written by PLP MP Michael Scott] By all indications, when the Dunkley Administration decided to gamble with $165 million in taxpayer’s money, they knew that the Morgan’s Point project was on shaky financial footing. That begs the question; why take such a risky high stakes gamble with so much of the people’s money? One... Read more of this article
Govt To Raise Debt Ceiling Due To Morgan’s Point
[Updated with PDF & Video] The Government will raise the debt ceiling to cover the liabilities triggered by the defaults in relation to the Morgan’s Point project, Minister of Finance Curtis Dickinson announced today. The previous administration had provided a guarantee of up to $165 million for the Morgan’s Point project, which has... Read more of this article
Finance Minister On Caroline Bay Development
“We do not do justice to the people of Bermuda by continuing to shore up a vision that no longer matches reality and which cannot be sustained on any applicable metrics,” and it is “well past time to approach this development differently” Minister of Finance Curtis Dickinson said. Speaking in the House of Assembly the Minister... Read more of this article
Caroline Bay: We Have Agreement For Financing
Caroline Bay Limited “has entered into an agreement which will provide the financing to continue construction of the Caroline Bay development,” the company said. Back in March of last year the company said they were “temporarily reducing” construction due to “costs outpacing the existing financing of the project,” and the... Read more of this article
Video: Finance Minister On Morgan’s Point
[Updated] Minister of Finance Curtis Dickinson is holding a press conference this afternoon [June 13] about the development at Morgan’s Point, and we will have additional coverage later on and in the meantime the live video is below. Update: The live broadcast has concluded and the 15-minute replay is below Update 4.15pm: Minister Dickinson said,... Read more of this article
‘Seek Financing Options For Continuing Work’
George’s Bay — the developer of Caroline Bay at Morgan’s Point — has confirmed they are “temporarily reducing” construction due to “costs outpacing the existing financing of the project,” while the Government confirms they are “in discussions with the Board of George’s Bay Ltd. as they seek financing... Read more of this article
