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:
"Please be advised that the Government fully supports the proposed Port St. George project moving forward, and this Office is satisfied that the conditions established in our letter of June 20th, 2007 have been met."
The letter of June 20th, 2007 to which they refer is the letter granting Approval in Principle for the project, and the confirmation that the conditions have been met and that the project may now proceed has come exactly one year later. Everyone in the Port St. George team is obviously very excited, and work towards moving forward has already begun as we have been working in the background for some time in anticipation of receiving this news.
Update Presentation.
Curly and Jon will be on a flight to Nassau tomorrow morning and no doubt there will be more to report when they return. With that in mind we shall be holding an Update Presentation at the usual venue, The Belmont House Hotel, De Montfort Street, Leicester, LE1 7GR on Tuesday July 8th, 2008 at 7.00pm for a 7.30pm start. Please try to attend if you possibly can. It would be helpful if you could let me know by reply e-mail if you will be attending, and how many people you will be, so that we have an idea of numbers.
The Right to Buy Window.
Before the Right to Buy window can be opened we need to have plot level drawings prepared. This will be done in conjunction with the final session of Master Planning now that the Environmental Impact Assessment has been approved and when some further site information is to hand. As I am sure you will appreciate we have not yet had the opportunity to make plans for these jobs to be done. However, we do have an estimate of five months as being the time required by EDSA for them to complete the work, so our best projection of when the Right to Buy window will be remains as the first quarter of 2009.
We expect that the news of Full Approval will have many of you considering what your options are in respect of your Rights to Buy and we shall be presenting those options as fully as we can at the Update Presentation on July 8th.
Title Deeds.
We had hoped that by now, we would have received full details of what stage in the registration process each and every plot purchase has reached. This is not the case and the lawyers, Sean B. Callender & Company, have pointed out that the compilation of the information requires the review of almost 300 files and asked us to bear with them whilst they complete the task. We have advised them of the date of the next Update Meeting and requested that they let us have the information by then.
Opportunities.
As Richard continually says, "Certainty creates value". As I'm sure those of you who know him will be able to imagine, Richard's excitement at this news is boundless. He has also been working on a way to make the few remaining plots we have available, which are mostly prime plots with excellent views, very affordable. This week he will be unveiling his new idea, which will initially be offered only to existing clients. Given that the value of Rights to Buy must be enhanced by the news of Full Permissions, it would be worth having a chat with Richard. His number is +44 7739 730333.