Full Approval for Port St. George.
At last, it's the news we've all been waiting for. Full Approval has been received for Port St. George. A letter dated June 20th, 2008 to our lawyers, Sean B. Callender & Company, from the Bahamas Investment Authority states:
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Family Island Development Act
In last week's budget speech in The Bahamas there was a proposed change to the legislation which governs import duty which is intended to come into effect from July 1st 2008. The effect that this will have will be to reduce the cost of construction materials and machinery substantially as the import duty rate currently can be as high as 46%.
Here is the extract from the budget speech that we have been sent.
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May 08 Update
It has been over three months since our last update and whilst there may not have been many visible signs of progress during that time, as usual things have been progressing in the background.
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January 08 Update
A meeting was held in Leicester on the 28th of January to update everyone in attendance regarding the vast amount that has happened since our last Update Meeting back in March 2007, which was before the new Government was elected in The Bahamas. If you recall, at that time we were optimistic of an early approval of our application to develop Port St. George and indeed that optimism was well founded. On 20th of June 2007 we received Approval in Principle for all aspects of the Port St. George development - except the casino - subject to certain conditions being satisfied:
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December 07 Update
Curly, Jon and I (Lynda) returned from The Bahamas late last week having made significant progress with various areas of the project. You will recall that there are four conditions attaching to the Approval in Principle which we have obtained for the development. These are:
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