And what about that other mega project – at Stake Bank? That has gotten full environmental clearance, and it even got a bill passed in the house with bi partisan support. Nine months ago developer Mike Feinstein told the media he had the financing to get the project started…so why hasn't it started. Well, you hear all kinds of stories, but what we hear most is that Feinstein doesn't have the full financing and is looking for a strategic investor. Today, he told us that's just plain not true: he says he has a consortium of local banks willing to finance him – and is just waiting for government to stop dragging its feet and sing off on a commercial agreement covering head taxes and other items. Today we asked Investment Committee Chairman Hulse what's the status:
Hon. Godwin Hulse – Head of Cabinet Sub-Committee for Investment
"It's a straightforward project to develop a berth for 4 ships at a time, and a causeway from Drown Caye, and from there, to the City. There's been one little issue with respect to FSTV and Royal Caribbean Lines' investment therein, which Mr. Feinstein is, as we speak, clearing through. Once that's cleared through, we should be reaching a final agreement, and they should be ready to roll."
Jules Vasquez
"I've heard talk that there is a commercial agreement which the Government has not signed off on, and that is in fact holding back Mr. Feinstein from going ahead. Is it a Government Hold-up?"
Hon. Godwin Hulse
"No it's not a Government Hold-up. The Commercial agreement has not been signed off on. As I mentioned just a moment ago, there is an agreement between Government of Belize, Fort Street Tourism Village and Royal Caribbean Lines, which was tabled in the National Assembly on January 21, 2005. And that agreement embodied certain legal provisions. There needs to be an indemnity, or some arrangement to ensure that there is no backlash. That agreement did provide for Stake Bank, for Mr. Feinstein's, but there is some little legal hurdles to be crossed. And as I said, Mr. Feinstein is working through that as we speak."
As we understand it, the issue with Royal Caribbean is that the very ugly 2005 deal promised them state sponsored compensation for any shortfall in cruise visitors below a certain number.
We know that there have been talks but at this time, Royal Caribbean is not positioned as a strategic investor in the Stake Bank Project.
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