Hashtag: #MorgansPoint

Govt Completes Purchase Of Caroline Bay Debt

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

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

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

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’

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

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

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: 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

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 belowUpdate 4.15pm: Minister Dickinson said,... Read more of this article

‘Seek Financing Options For Continuing Work’

‘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

BEST Loses Court Appeal About Caroline Bay

BEST Loses Court Appeal About Caroline Bay

The Bermuda Environmental Sustainability Taskforce [BEST] was not successful in their court appeal regarding the Caroline Bay development, with the organisation attempting to object to a roadway on what they said was a “precious agricultural plot.” A BEST spokesperson said, “BEST has, for the first time, not been successful in an appeal... Read more of this article

Construction Progressing At Caroline Bay

Construction Progressing At Caroline Bay

Caroline Bay’s construction progress is “well on its way” with over 200 construction workers “hard at work on the site,” Craig Christensen said, with the Caroline Bay Director adding that the first phase of the Ritz-Carlton Reserve Residences are “projected to be delivered on time.” Artist rendering #1 of Caroline... Read more of this article

Premier: ‘Visible, Significant Signs Of Progress’

Premier: ‘Visible, Significant Signs Of Progress’

“There are real, visible and significant signs of progress happening in Bermuda,” said Premier Michael Dunkley, following his recent visit to Caroline Bay to get an update on the site’s construction works. Premier Michael Dunkley, Ministers Craig Cannonier and Nandi Outerbridge and Sen. Vic Ball receive a progress update on the Caroline Bay site... Read more of this article