NDP Gov’t doesn’t know amount ICA will invest in Prospect Reef facility
Premier Smith, while expressing confidence that the said firm is capable of funding its plans for the property, he said he is not sure how much the investors are likely to plug into the Prospect Reef project.
Government had signed a Memorandum of Understanding with ICA in December 2016.
No price tag/confidence in ICA
“There is no cost mentioned in the Memorandum of Understanding (MoU). After the Memorandum of Understanding we are now working towards the developmental agreement which will define the entirety of the project and then we will be able to have a price attached to it,” Premier Smith told reporters.
He further explained that his government has been in touch with the group and did review what they have to offer. “We reviewed what they have to say about their finances, and we are contented that they have the ability to do what they have expressed that they are able to do,” Premier Smith told journalists on March 8, 2017 during a press briefing at Central Administration Complex.
The head of government business announced that within the coming months, the re- development agreement will be signed with ICA to begin rebuilding the Prospect Reef property to a standard that would attract business and leisure clientele.
“Along with offering exceptional accommodation for the leisure traveler, we expect that the hotel will undergo major renovations and improvements aimed at making it a full-service business hotel with proper conference facilities,” added Premier Smith.
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