Here follows a statement by Prime Minister Perry Christie on the South Cat Cay resort development delivered to the House of Assembly December 14:

The Government has today concluded and executed Heads of Agreement with South Cat Cay Properties (Bahamas) Limited for the development of a $94 million luxury resort at South Cat Cay.

Partners in the project are Dr. Enrique Murciano and Mrs. Murciano, wealthy residents of Florida and Mr. Ernesto Andrew Estrada Fernandez Salvador, a citizen of Ecuador. The Ernesto family has a 40 year history in The Bahamas, with a home in Lyford Cay and extensive assets in The Bahamas.

The project will comprise a 53 room five star branded boutique hotel with related amenities, 29 marina condo units, 37 residential units, a 137 slip marina, restaurants, shops and recreational facilities. This high end resort will also include an upmarket residential community.

Building designs will combine the unique features of Bahamian and modern architecture. Both the construction and landscaping will be carried out in accordance with the highest international environmental standards. Comprehensive environmental impact studies and environmental management plans will be implemented and carefully monitored.

During the course of construction in two phases it is estimated that some 75 Bahamians will be employed, and upon completion and build out some 170 permanent jobs will be created. In addition to the $94 million capital investment by the developers, their economic impact assessment projects over $200 million in real estate sales over the first five years, which will significantly benefit government revenues, suppliers and employment.

Facilities will be provided by the developer for the accommodation of customs, immigration, police and other public offices.

The Company advises that the project will bring considerable benefit to Biminites in the form of employment and entrepreneurial opportunities generated by proposed retail space and excursions in the marina village. The Company plans to purchase Bimini built skiffs for bone-fishing excursions led by Bahamian guides. A Bahamian will operate a ferry service to and from Bimini; an artist in residence program will expose Bahamian artists to new techniques; a recording space will dedicate studio time for local musicians and local cooks will be provided with classical training. Additionally, a fund is being established for primary and secondary educational facilities in Bimini to further long term environmental awareness. It is also proposed that a marine sanctuary will be created to the south east of South Cat Cay to complement the educational initiative.

This project is another manifestation of the confidence of foreign direct investors in the Government and future of the Bahamian economy. It represents a wonderful addition to the attractive Bahamas’ tourism product, with very close proximity to the affluent South Florida market, and large number of other wealthy residents and visitors being attracted from South America and Europe to Florida. We look forward to working closely with the developers who plan to move ahead with construction as soon as they receive the necessary permits from the relevant Government agencies.