The eastern end of Grand Bahama is to get an economic boom with the construction of a $70-million dollar recording studio and entertainment complex to create a competitive Bahamian film industry.
On Wednesday at Cabinet Office, the Government and German investors Gold Rock Creek Enterprises Ltd. signed agreements for construction of a permanent motion picture, television and recording facility and related theme park at the old U.S. Air Force Missile Base at Freetown.
The investment is expected to create at least 1,200 jobs and $8 million annually in salaries after paying out $6.5 million on one-time wages for approximately 300 construction workers. The developer has committed to securing $250 million in production funding, and forging a partnership with Bahamas Technical Vocational Institute in Grand Bahama.
The project was originally approved, in principle, in May, 2001, under the Free National Movement administration.
Minister of Financial Services and Investment Allyson Maynard-Gibson said both the current and previous governments worked to bring to fruition the development of a state-of-the-art music, movie and TV studio complex, and a 130-room hotel, restaurant and retail space, a Bahamian village and other amenities on 3,500 acres.
Phase one of the project an environmental study of the area, will start immediately. Phases two and three are to completed over a two-year period.
The project would also provide an opportunity to showcase Bahamian talent through singers, artists, craft makers and others in related tourist fields.
Chairman and CEO of Gold Creek Hans Schutte said the agreement-signing ceremony showed the Governmen can assist foreign and private investment and new ventures to come to The Bahamas.
The Bahamas is the only country in this region the New York-based company has chosen to invest in, Mr. Schutte said, and it would one of many as "other companies discover the streamlined assistance provided by the Government and Bahamian people at all levels of the society."
He said that the project will use skills available in The Bahamas, and will not compete with existing hotels and other forms of entertainment that attract tourists, foreign productions and major stars to the complex.
Though the project would call for some foreign labour, Mr. Schutte said that the company will provide on-the-job training in the arts and sciences from animation to cinematography, set design and lighting, sound technology and other related skills.
"We see enormous benefits not only to east end Grand Bahama and the island but to the entire Bahamas as a whole," Mr. Schutte said.
"As Minister of Tourism I am particularly pleased because of the fact that large numbers of films companies and producers have been scouting The Bahamas in search for opportunities. Now, hundreds, on a yearly basis have spend thousands of dollars with us in filming The Bahamas, but now we will have a permanent studio," Obie Wilchcombe said.
Asked by The Guardian whether the studio is a sound investment in these uncertain economic times, Mr. Schutte said he and his partners, with more than 100 years experience in the business, have been very diligent in calculating not only income but employment expenses.
"We have a high interest in training Bahamian people in bringing them to the jobs that need to be fulfilled. We have a high interest in having low cost of employment and labour involved, but also because we strongly believe that a highly educated labour force is what the Government intends to create," Mr. Schutte said.
By Lindsay Thompson, The Nassau Guardian
