Prime Minister of The Bahamas and Finance Minister, Rt. Hon. Perry G. Christie presented his Budget communication to the House of Assembly on Wednesday, 28th May, 2014. On the burning issue of Value Added Tax (VAT, the PM made several announcements including most notably that VAT will be implemented at a rate of 7.5%, 50% lower than the originally proposed 15%. Also the PM announced that VAT will come into effect on January 1, 2015.
Download and Read The full Budget:
About Eleuthera the PM said:
Mr. Speaker,
Eleuthera
The tourism industry in North Eleuthera continues to be buoyant, and the construction of second homes in both North and Central Eleuthera by Bahamians and non-Bahamians continues to grow, thus providing employment and other economic benefits within their communities.
The Symonette family and their partner Mr. Donald Urgo continue with their planning for the expansion of their Cocodamama Hotel near Governor’s Harbour.
Following detailed discussions with Cotton Bay Holdings Ltd and Mine Holdings Ltd, companies owned by Colombian tycoon Luis Carlos Samiento, and representatives of Four Seasons Resorts, my Office is currently reviewing the final draft of Heads of Agreement for consideration by the Government of a $100 million investment for the construction of an upscale Four Seasons Resort in South Eleuthera near the settlement of Greencastle and Wemyss Bight. Phase 1 of the resort will include the following:
• A luxury resort hotel of approximately 115 rooms
• A residential sub-division comprising 40 cottages which will be used as part of the hotel rental pool
• The renovation and re-opening of the Cotton Bay Golf Course and Golf Club
• A spa, restaurants, bars, communal shopping area, retail spaces
• Recreation and activity facilities and employee housing
Phase II will provide for further expansion. It is projected that approximately 150 construction jobs and some 250 permanent jobs will be created in the Phase I. It is expected that construction would commence during 2015.
Progress continues by Cotton Bay Developers Ltd, headed by Mr. Franklyn Wilson, in the development of their mixed use club community at Cotton Bay, Jack’s Bay and Davis Harbour in South Eleuthera. Onsite construction efforts are currently focused on:
• Renovation of an existing Ocean front Clubhouse, with restaurant, pool area, spa and sports amenities
• Renovation of 24 oceanfront villas
• Construction of a Fazio designed oceanfront 18 hole championship Golf course
• Roads and infrastructure
The Developer is entering into a management arrangement with Noble House Hotels and Resorts, which owns and operates upper segment boutique hotels.
This project is generating increasing employment for the surrounding communities.
Mr. Speaker,
