Audio: MPs On Fairmont Southampton Act
The House of Assembly session continues today [March 24] with MPs discussing the Fairmont Southampton Act 2023.
Minister of Tourism and the Cabinet Office Vance Campbell previously explained, “As we near the final closing of the financing and the commencement of work at the site, this legislation is necessary to provide for the commercial structure that underpins the Government’s support of the local lending for the redevelopment. This Bill follows amendments to the Public Treasury [Administration and Payments] Act 1969 to be passed in the House today.
“As the Premier indicated in the Budget Statement, this legislative package “…strengthen(s) the protections for the Government of Bermuda in the provision of the $75m guarantee of local lending to support the redevelopment project. The unique arrangement for the repayment of that loan requires our legislation to be modified to facilitate the structure of the loan agreement. The proposed changes will add necessary certainty and security as the Government is determined to apply best practice and fulfil all necessary due diligence as it is the people of Bermuda who are supporting this critical redevelopment project.”
How come Gencom are doing Southampton Princess and need this guarantee when they are also building to 5 stores buildings at Tuckers point. Has anyone asked this?