$10M Guarantee For Bermudiana Beach Resort
There will be a $10 million guarantee to “support funding necessary for the completion of the next phase of works,” Minister of Finance Curtis Dickinson said in reference to the former Grand Atlantic property.
This was stated in the 2021 budget speech, with Minister Dickinson saying, “Another example of target stimulus is the planned development of a branded tourism property ideally located on Bermuda’s South Shore at the site of the former Grand Atlantic. This economic activity will put Bermudians to work in construction and spark the hiring of Bermudians to run the hotel.
“Having satisfied myself of the tourism need as well as the proposed plans for the remainder of the development, I am pleased to advise this Honourable House that I have executed a $10.0 million guarantee to support funding necessary for the completion of the next phase of works.
“The scope of work has been the subject of an open tender, and pending the award of a contract, work will start early in March with a view to completion in late summer.”
Paint it white and rename it “Elephant”.
This is a prime example of why Government should not try to get into business. How many millions of our hard earned money has been plowed into this disaster so far?
$1 million per unit for 78 units by now! $42 million initial cost, carrying cost at least $2.5 million per year for more than 10 years and another $10 million for Col. Burch vanity project. Liquidate it!
Time and time again has proven these guarantees are a terrible idea.
Hmm, So the PLP built the Grand Atlantic Complex for 50 million I believe on property they swapped with the developers of Caroline Bay, sold one unit and abandoned ship. Now they find a property owner that wants to rent the property and they are going to use $10 million of tax payers money that we don’t have to develop it? Wasn’t it just repainted. How deep into the public purse are we into this grand disaster of a project? Hotels already get everything imported duty free under he hotel concession act, how we are building and renovating properties for others to profit?
Strange how the minister loves to speak of the debt of Carolina Bay and the Airport, but speaks of this project as if has been a great accomplishment of the PLP.
Mr Dickinson should remember the old adage: ‘when you find yourself in a hole, stop digging!’
Looks more like a regular Apartment Complex to me, NOT a Resort! This site has been a Money wasteland and Debacle for years! This Government is Putrid and puts its foot in its mouth with everything it does! No wonder our National Debt. And economy continues to spiral out of control. Far less money has been spent on Covid than on the waste of this Government over the last couple of decades.