Government signs ANOTHER 5 star development deal. Original story taken from BVI News
A development agreement has been signed between the government and Virgin Gorda Beach Club Limited, Virgin Gorda Investment Company Limited and Nail Bay Properties Limited for the construction and operation of a new four or five star hotel on Virgin Gorda.
The agreement was signed on December 16, 2006, according to Chief Minister Hon. Dr. D. Orlando who was responding to questions from Opposition Leader Hon. Ralph T. O’Neal in the May 3rd Legislative Council sitting.
The Chief Minister said the development of the Nail Bay property consists of "approximately 100 hotel units, plus additional hotel spa suites, hotel villas, townhouses and residential villas with a luxury spa and related facilities including restaurants, bras, swimming pools, gift shop and boutiques."
Quoting a section of the development agreement, the Chief Minister said: "According to item 15 of the preamble to the development agreement, "The developers intend to expend a minimum of US$50 million dollars over a period of six years in carrying out the development..."
The Chief Minister also disclosed that the applications for persons who applied for non-belonger landholding licenses between January 2004 and June 2006 in the Nail Bay area would be considered for the grant of such licenses. "In fact, a number of such applications have recently been approved by Executive Council," Dr. Smith said.
He noted that the agreement is now part of the public record and can be obtained from the High Court Registry.
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