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 Finance Minister recently confirmed that the ”funding appears to now be at a standstill and as such this accounts for the sums owed to contractors and sub-contractors.”
Slideshow of the development as it appeared in October of last year:
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Minister’s Comments
In a press conference earlier this week, Minister of Finance Curtis Dickinson noted that there have been reports and speculation regarding the project at Morgan’s Point, known as the Caroline Bay Development.
“Bermuda is invested in this project also. The former government attempted to ease the path to financing and the completion of the development by pledging the Government of Bermuda as guarantors for the project financing in the amount of $165 million,” the Minister said.
“In February 2018, there began a series of crunch talks with the developers of Caroline Bay based on the fact that there was a forecasted likelihood that work on the site would stop, workers would be laid off and contractors would not be paid.
“This funding appears to now be at a standstill and as such this accounts for the sums owed to contractors and sub-contractors who have, in good faith, done the work required. Understandably, some have now lost their patience.
“In addition to the issues surrounding non-payment to contractors and sub-contractors, I have a wider concern based on my responsibility to safeguard the public purse and to avert the risk to which the Bermudian taxpayer has been exposed, first by the former government and now by delays in the project.”
“There has been progress on the financing front and that is for the principals of Caroline Bay to address in due course,” he added.
Caroline Bay Statement
A Caroline Bay Limited spokesperson said, “Caroline Bay Limited, its Board of Directors, and Board Chairman Brian Duperreault, announced today that it has entered into an agreement which will provide the financing to continue construction of the Caroline Bay development.
“Since the outset of this project, our commitment to and confidence in Caroline Bay has been steadfast. We appreciate the patience that our construction partners have shown and are grateful for the ongoing cooperation and assistance of Government.
“We look forward to continuing the work at Caroline Bay,” the spokesperson added.
So this is interesting. Did nobody tell the minister? This entire thing is getting pretty weird I gotta tell ya.
I guess not, being this is another OBA botched deal.
I have feeling he did know….I think he was being theatrical or is it political I never could tell the difference.
King Wharf
Berkeley School
Grand Atlantic
Emissions Testing
BHC scandal
Par la Ville Hotel
Arbitrade (LOL..even Stevie Wonder saw that coming!)
KEMH Vanity Project
Need I go on?
“I guess not, being this is another OBA botched deal.”
You spelled PLP wrong, again.
No, this the PLP trying to look as though they are the saving grace. Sorry PLP, but we know your fake news.
He knew. Politics.
Hows it go OJ?
shut de project down!!! LMFAO.
Great news !
Does this mean the contractors finally get paid today?
Why would they tell the Minister when the real thing is to make the PLP look stupid?
How is it that the OBA haven’t said a word. Where is no it all Dunkley, puppet Cannonier and Cog Wheel Richards who have sold US in this agreement.
I don’t think the PLP need any help to make themselves look stupid.
Dunkely is an idiot of epic proportions for even putting the guarantee together! Another reason why our party will never win another election!
Because you’ve been in charge for years. 24-11 remember?
“Where is no it all Dunkley, puppet Cannonier and Cog Wheel Richards who have sold US in this agreement”
You voted them out…this is on you now, stupid.
You got ur party mixed up Paula was the cog on the wheel
If you think about it the plp don’t need any help looking stupid. Why should the Oba say anything anyway? They are too busy complaining about all the other plp fails.
They’ve probably gone to lie down as they’re told everytime they speak on bermudas plight…let’s not worry about the opposition let’s get bermudas problem fixed rather than deflect and distract from the real truths.
Minister holds news conference on Caroline Bay financial woes and less than 48 hours later developers put out statement they have financing to continue. Was the Minister’s conference a back-handed way of telling taxpayers they ar financing the development? Have the developers made new deal with Government on financing and changed the original development plan? Looking at Google Earth it clearly shows the developers have been putting major portion of their funding into construction of the residences. However, who would risk buying a $3M residence in this location knowing the problems that have plagued the development?
To bad they did that land swap, the hotel would have been finished by now,its so sad how we give in to the other side,would they do it for
us i don’t think so.
” who would risk buying a $3M residence in this location knowing the problems that have plagued the development?”
Who would risk investing in Bermuda, knowing that we have a homophobic, xenophobic, incompetent government?
I’m just confused and befuddled as to how a project of this magnitude actually gets started then all of a sudden financial woes occur…not even near completion…like wtf!?? Contractors are probably owed millions and then they will continue the development..?? By my calculations that’s alot of dough that’s just become available..
Perhaps the minister’s news conference was to push the public announcement of financing.
Bermuda is a Guarantor for $165m?! That can’t be right. Are they authorised to do that? More appropriate for Dupp. to stump up some of his cash. (Best not let that developer spend any more money that is guaranteed to be repaid by the taxpayer.