Flipping Grand Bahama

After the change in Government in 1967 there were no more reviews of the Hawksbill Creek Agreement. There seemed to have been a disconnect with the Government and the Grand Bahama Port Authority. The tax concessions of the Hawksbill Creek Agreement were to come to a close in 1990 and was put off to 1992, and then because the new Free National Movement Government was not aware of the Hawksbill Creek Agreement and its finer points, decision on what to do was put off for a year while town hall meetings were held throughout Grand Bahama. Some said let the Port go away while others said make the extension because the economy in Grand Bahama was not what was expected when the agreement was drafted. However in July the 1993 the Act was looked at and instead of an amendment the Act dealt with the continuation of exemptions from real property tax for a period of another twenty-two years. (This year but again instead of making a definitive answer before August, it was put off for another...

So yesterday be began the series on the various promises made to the Government of The Bahamas made by Grand Bahama Port Authority. Today we are on to the second set of amendments in which there were some word changes, phrase changes and stating that Customs Duties would apply to homes when resold without bond. This was was signed by  His Excellency Sir Oswald Raynor Arthur, K.C.M.G, C.V.O, Governor and Commander-in-Chief in and over the Bahama Islands on behalf of the government and the Grand Bahama Port Authority. It further spoke to allowing the Broadcasting and Television Commission being allowed to come in and operate in the Port Area; that the Government will ensure the Port Area is served by aviation facilities for all purposes. Here it asked that the Port Authority has to state in writing to the Government everything it was doing. This amendment ended with more clarification on the allowance of Local Government in the Freeport area and their responsibilities. In...

Yesterday the Hawksbill Creek Agreement was signed 60 years ago in Freeport Grand Bahama and is found in Chapters 261-265 & 30 of Statute Laws of The Bahamas. How is this being celebrated? I guess its not much of a mile stone because there seems to be no big hoopla. I'm told that the Grand Bahama Port Authority which came from the HCA is celebrating with cake and champagne for customers/clients who come in. But 60 years ago the agreement began with the words was, "An act to authorize the entering into of an agreement with a company to be incorporated in the Colony  by Wallace Groves for the dredging of a deep water harbour and the establishment of an industrial area at an in the vicinity of Hawksbill Creek, Grand Bahama. It was signed by His Excellency The Right Honourable The Earl of Ranfurly Governor and Commander-in-Chief in and over The Bahama Island, and the Grand Bahama Port Authority, a company incorporated under the laws of The Bahama Islands. At that time ...

 A recent report from the International Momentary Fund telling of the state of The Bahamas noted that the implementation of the Value Added Tax (VAT) is helping the countries financial position. The report said that the economic activity in The Bahamas strengthened somewhat in 2014 while the external current account deficit worsened primarily as a result of Baha Mar construction-related import. It noted that the authorities continue to make substantial progress on fiscal consolation with successful VAT implementation in January 2015 setting the stage for continue improvements in the fiscal position.  Further it said that lower oil prices helped keep inflation anchored in 2014, but said that still notwithstanding the capital flow management (CFM) regime international reserves remain low. The advice given as key policy advice was:  Despite the U.S. recovery and the imminent opening of the Baha Mar resort, the growth outlook remains well below pre-global crisis leve...