The 9 Beaches lease was held up in the senate this week and rightfully so in my opinion... seems to be yet another deal that the PLP tried to ram through without attracting too much attention. A sure sign that further investigation is warranted. There appears to be many inconsistencies in the lease agreement that should have long been revised, very sloppy to say the least. This lease strikes me as being another "tenant-centric" lease... similar to CoCo Reef. Most definitely of tremendous benefit to the developer/owners but of very little to the people and economy of Bermuda.
IRC Sandys pay $15 million over 8 years for 17 acres and a 240 year "lease"? Sounds like one sweetheart deal to me! 240 years is hardly a lease at all, more like we have sold them the land for a mere $15 million.
It's one thing to make concessions in order to spur tourism development that is desperately needed but this lease stinks and the senate should send it back until it is of benefit to Bermuda and all her peoples... not just a select few.
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