The Tribune

By DANA SMITH

Tribune Staff Reporter

dsmith@tribunemedia.net

THE Ministry of Finance has authorised a $45 million payment to Baha Mar to mark the completion of the first 100-foot high mark of the development following ‘arguments’ over the monetary obligation, Prime Minister Perry Christie said yesterday.

As part of the agreement between the government and the hotel, the government is required to pay 50 per cent of the total cost of infrastructural works, including roads and utilities. The payment will eventually total more than $48 million.

Baha Mar’s senior vice-president for external and government affairs, Robert Sands told Tribune Business in September that while Baha Mar felt it had met the obligation by July 9, when the casino tower first hit 100 foot, the government had wanted to be sure that all three stages - not just one - had reached this level.

As a result, the government held off on releasing its share of the financing for the Cable Beach infrastructure and road re-routing.

However, Mr Christie said yesterday: “It has been reached. It had to be the 10th floor. Baha Mar has requested payment.

“I really hope that we have begun to make the payments.”

He said there have been ‘arguments’ over the million dollar payment but explained the government’s obligation to pay $45 million has been recognised.

“There has been a discussion over whether or not we are obliged to pay what they have requested because there have been arguments on the part of our engineering consultants that we don’t have to meet that full amount,” he said.

“The agreement says what it does - the agreement does provide for us spending a certain amount, but the amount has to be certified on the basis that it was actually spent.

“That’s where arguments come in - whether or not it was spent and whether or not we should actually pay for something that didn’t take place. But we do recognise the obligation to pay. Authorisation has been given by the Ministry of Finance to pay and so it’s a question now of whether or not full payment has been made.”