The Tribune

By NATARIO McKENZIE

Business Reporter

nmckenzie@tribunemedia.net

COCONUT Grove Business League (CBGL) spokesman, Ethric Bowe, has estimated that the overall financial “hit” from the Blue Hill Road and Market Street roadworks could ultimately exceed $50 million.

He added that there was concern over the difficulty in assessing the losses suffered by many smaller businesses impacted by the roadworks and reversal of the road direction.

“You really need an economist to deal with it because there are so many knock-on effects. When Jiffy Cleaners closed, our insurance company, AFS Insurance Company and Brokers, lost that business,” Mr Bowe explained.

“So when you start looking at the ripple effects through the economy, you are talking millions and millions of dollars. The hit from that could very well exceed $50 million when you start looking at the impact beyond just those two streets. Everything is interconnected and people, when they are doing things that will impact the economy, have to appreciate that.”

The Government has been assessing businesses who were impacted by the New Providence Road Improvement Project (NPRIP) with the intent of providing some form of compensation, which could include business license and real property tax relief.

“The big companies can do that, no problem. We were always prepared to do that with whatever government was in power,” Mr Bowe said.

“The biggest thing for us is to make those roads two-way again. As long as those roads are one way the damages will continue. The companies that are hurt the most in dollar terms are prepared to do a swap-out with business license fees, real property tax and get it back over years. Those things can be worked out.

“The difficult part is with the small businesses. The little businesses that do not have good records, those are the difficult ones and the ones that concern us the most. We had suggested that they get forensic accountants to go in and try to make sense of what exists and come up with some sort of value” said Mr Bowe.

“The problem is with the smaller, less organised businesses, and the other problem is with businesses who have been less than honest on their business license submissions. That will come back to haunt them now. There are some of them.”

Mr Bowe estimated that some 20 businesses may have been completely lost due to the impact of the road works and road reversal on Blue Hill Road and Market Street.

He expressed optimism going forward, the CGBL having met with Minister of Works and Urban Development, Philip Davis, over their concerns. “There is hope. We have all got our fingers and toes crossed,” Mr Bowe said.

“If the minister of works does what he committed to do, we shouldn’t have a problem and we’ll hold him to that commitment. We wish it would happen as quickly as it could.

“They have made it clear to us that the Government right now is not in control of the roads. The contractor is in control of the roads until he hands them back.

“We suggested that certain roads were so critical that they could sit down with the contractor and vary the contract, so that some roads could be handled sooner and the necessary changes could be made.”