In fact, as recent as last year, Prime Minister Perry Christie was reviewing a “scaled back” proposal to build homes on a portion of the 208-acre tract of land by a group of Lyford Cay interests.
But with the government committed to the concept of developing a national park, a major question is how the government secure financing for the multi-million-dollar piece of property.
Officials moved one step closer to answering the crucial question yesterday when the Clifton Cay Acquisition Committee presented its formal report to the prime minister.
The assessment makes recommendations to the government as to what is a fair market value for the property as well as various funding mechanisms, considering the government’s present budgetary constraints and the global economy.
While Committee Chairman Sean McWeeney remained tight-lipped on revealing the actual recommendations, he urged quick action on concluding plans for Clifton and other outstanding cases, in which land has been compulsory acquired by the government.
“The Committee takes advantage of the opportunity to admonish the government to exert every effort to bringing finality to this issue, bearing in mind that the acquisition was initiated as far back as 1989,” he said. “And we are aware that this is not the only case of its kind. There are others that still cry out for attention.”
Accepting the criticisms of the Committee that the government must do a much better job of acquiring and paying for property, Mr. Christie vowed that once it has been decided how the money will be raised, the government will commit itself to securing the financing. “We have under review all of the acquisitions and quite frankly one in particular makes this 14-year-old period look like a baby, but it costs the country much more than we intended to because invariably, interest payments are associated with the lengthy process,” Mr. Christie said.
The value of the Clifton property has in the past been estimated at $10 million, with an additional $5 million incurred over the years in interest. But with the issue dragging on so long, some officials have pointed out that even this estimate could be off by now.
Over the past months, Prime Minister Christie has met with several groups pushing plans for the tract of land that has been both a vexing and emotional issue over the years.
One of those groups was the University of Texas, which previously indicated that with the third largest barrier reef just offshore Clifton, a research centre on the property could be a possible idea. The University was working in partnership with the Nature Conservancy, a U.S.-based environmental group, which has offered to raise money internationally to acquire the land owned by Lady Nancy Oakes.
“This is not simply the acquisition of any parcel of land, but the acquisition of what archaeologists have coined as one of the few places in the region where a country has the opportunity of capturing its history all in one spot,” Mr. Christie said.
But according to the prime minister, in addition to natural assets, the property also has economic implications for the country.
“Upon the acquisition of the property, I hope that my government will move to take advantage of our history and integrate this property into the national life and tourism mix of our country,” he told reporters.
“It is a place that will also be integrated into the 9,000 hotel rooms we have in New Providence and Paradise Island and the millions of cruise visitors that come to shores.”
The fourth Committee report to be presented to the government, the report is expected to be tabled in Parliament during the budgetary debate later this month.
By Macushla Pinder, The Bahama Journalv
