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They're promising investment of 50 million US dollars in a destination that will be opened up in two years, and which will create directly and indirectly over a thousand jobs.

But it's not completely a done deal – right now its just a memorandum of understanding, which we'll look more closely at in tonight's story:

Jules Vasquez reporting
The eight page, 23 point Memorandum of Understanding, dated July 31st, 2013, is the product of long negotiation according to Minister Godwin Hulse:

Hon. Godwin Hulse - Chair, Cabinet Investment Committee
"There have been many presentations of MOU's and the final one that will be presented today will clear up a bit of confusion because there's been - I think it started with about draft 6, we're at draft 10 but they caught up on us on draft 6 and moved steadily through the various progressions."

The final signing was done on July 31st by trade minister Erwin Contreras who attended yesterday's event, but as is his style, did not speak or take the head table. His CEO Mike Singh outlined one of the controversial points of the MOU – the head tax arrangement:

Mike Singh - CEO, Trade and Investment Promotion
"We've also allocated for a gradual increase in the head tax every five years which is the next slide. The head tax $7 per manifest per passenger will be paid to the Belize Tourism Board which $4.00 will be paid to the Port and the balance of $3.00 will be allocated to the government inclusive of all government fees. We are talking about within the 25 year life, the head tax will be increased 5 times - so we're looking at an additional $5.00 in head tax up to the point of the 25 year term. At which point we've calculated that NCL will be able to repair their investment which is an investment that the government has not had to do and at the end of that term we end up with a much larger head tax, which is appointed to government."

Jules Vasquez
"So who gets that increase because it doesn't say?"

Hon. Godwin Hulse
"It says we'll split it."

Jules Vasquez
"Okay so they get an increase as well."

Hon. Godwin Hulse
"But this time it will be split 50/50 - the increase."

Jules Vasquez
"But why shouldn't the increase accrue - they have enough to recover their investment, why shouldn't the increase accrue to the government and people of Belize?"

Hon. Godwin Hulse
"It has for the most part; we get an increase as well. If you're talking we are to get 100% then that was a decision of the Cabinet and after a lot of discussions - so that is where we go."

Hulse also answered why the MOU does not say which government agency gets what:

Hon. Godwin Hulse
"The government has decided that what obtains in the North will not obtain in the South - we're not going to follow the same formula at all. Government is saying that yes we will follow the split but how that is distributed will be determined by the Cabinet as appropriate and that has not yet been determined."

And while local authorities quibble over the minority portion of the head tax – the government has decided that what obtained in 2000 when Belize first signed a head tax agreement still obtains today:

Jules Vasquez
"Why are we maintaining the formula that we did in 2000 that the Said Musa sign with Mike Feinstein for a 4 - 3 or 60% breakdown - why have we maintained that?"

Hon. Godwin Hulse
"Well as we understood it because other lines are coming and this is what they're doing and we're looking at it in a country position, we weren't looking at it specifically at this because it's expanding cruise tourism across the country. The head tax - it is what comes to the country and what comes to the country is the visitors coming to spend his money. You don't want to create a situation where you shy away people especially when they see that chart of what obtains in the region because I know somebody said it was $3.00 - so you want to be careful."

And while that surely won't silence critics, CEO Singh made it clear that he has been careful:

Jules Vasquez
"Do you or any related companies have any interest in any real estate ventures or civil works, if even a dredge perhaps that may be associated in this?"

Mike Singh
"I am an employee of the Government of Belize, my job is to work and seek investment opportunities which I think I do a fairly good job of doing. In this case, Mr. Murphy brought us an investment opportunity, I will state it categorically for the record - I absolutely no personal interest in this business - none."

Jules Vasquez
"No family or related company interest?"

Mike Singh
"I don't keep track of everything my family does but as far as I know - no."

And speaking of dredging, Norwegian says it plans to raise the island:

Hugh Darley - Belize Project Manager - NCL
"One of the things that we're going to do now with our dredge programme is we're going to refill the island and we're going to bring it up about 6 foot - so it's going to be 4 feet higher than its original state so that we can get a little bit more of the floor plane and have a substantial island - it won't have as much wetlands as it had before. We'll come back and help on how to replenish those existing beaches that have been on the island before. Why will people come here? Because it will give an environmental story, if we change that or I try to build a South Beach, or I try to build Cozumel - we wouldn't be telling that story. So it's natural for us to follow the history and the story that we want to tell - one of the stories that we want to tell is that of the Garifuna and the fact that there's a unique story to tell about this part of the world and it's not being told somewhere else. So the style, the language, the culture, the history, the connection to the Mayan history and pre history of Central America."

And that environmental story will be told, mostly with an old EIA for a resort development on the same island:

Hugh Darley
"The island only currently has a permit for development; it was a development for a resort destination. We'll show you that 20% of that approved destination impacts - so we're producing a light footprint, economically sensible and environmentally sensitive footprint."

Jules Vasquez
"We're dealing with two different creatures completely - one is an EIA for a hotel which has no birthing facility and the second is a birthing facility so how do we cross one into the other and why do we do that? Or is it just for the expediency of the investor?"

Mike Singh
"Expediency is a consideration, I will admit to that, there has been substantial studies done on this island and I think it is available online that covers probably 60% or 70% that same issues that NCL will have to do. The rest of the issues that they will have to put under which is actually reducing the amount of construction going under will be in respect in the change in use. The undertakings of this MOU are subject to a positive outcome of the application for the amendment of the current approved environmental assessment for Harvest Caye."

And that's why the MOU is non binding, but with more than a hint of a threat the Norwegian Execs made it clear that the world is watching:

Colin Murphy - VP, Destination And Strategic Development For Norwegian Cruise Line.
"I think in principle it's not legally binding, we think it's a strong demonstration of Government's intent and we think it will be fairly unprecedented to deviate significantly from that. We think it's important that the terms of the MOU are clear and I must say that I know that there are international investment community that are watching very closely to what happens in Belize. They're trying to understand if Belize is a place that is really open to do business so we are taking the government and their word and with the MOU I think it's a great basis to move forward and again people will be watching us to see how it progresses."

Hon. Godwin Hulse
"All the various covenants in this agreement are covered by one law and whatever else is required will be taken to the National Assembly so that is the reason for the fundamental clause. But this is about two parties working together in good faith and the government says we welcome the investment if ABC&D happens and then they come in to do ABC&D - that is basically it."

Tomorrow, we'll look at how the Port Developers say they hope to create jobs, when and how many.