The renegotiated lease between Coco Reef Resort and the Bermuda College Board of Governors was made public for the first time yesterday.

Board chairman Walton Brown had previously outlined changes since the lease was renegotiated in 2009 but had not released the entire document.

Both the United Bermuda Party and Bermuda Democratic Alliance had called for the lease to be tabled in the House of Assembly.

UBP MP John Barritt also submitted Parliamentary Questions asking for the terms of the lease. They have gone unanswered since February.

Yesterday Education Minster El James said he would make the terms public because he had nothing to hide. However, he insisted the lease would not be tabled as he didn't believe he was legally required to do so and did not want to set a precedent.

Below are some of the areas of importance in the new lease.

l Rent

The base rent by the tenant is set at $200,000 per year until the end of April 2013. The rent then increases to $250,000 per year until the end of April 2018.

It will then rise to $300,000.

As of May 2024, rent will increase based on "the percentage increase equivalent to the rate of increase in the Consumer Price Index... or to 110 percent of the passing rent, whichever is greater." It will then be adjusted every seven years based on the percentage increase equivalent to the rate of increase in the Consumer Price Index until 2053.

From 2053 until the end of the current lease in 2128, rent will be adjusted every year based on the percentage increase equivalent to the rate of increase in the Consumer Price Index.

l Insurance

Coco Reef Resort is responsible for paying for third party and public liability insurance. The board used to be responsible for this.

The board will pay 20 percent of insurance against loss of rent while Coco Reef will pay the other 80 percent.

The board will not pay the insurance against damage or destruction on any new buildings on the property. The board also does not have a claim to any of the contents of the hotel and thus will no longer pay content insurance.

l Mediation and Arbitration

There is a now a set process in place to allow mediation should an issue arise between the landlord and tenant. If unable to reach an agreement they will jointly select a mediator and if that does not work it will be solved by arbitration in accordance with the provisions of the Arbitration Act of 1986.

l Training

One provision in the lease requires Coco Reef to train Bermudians attending the Bermuda College who are studying hospitality.

Yesterday Minister James told the House of Assembly 14 students have worked at the hotel since 2008 and three more will work there this summer.

He added: "It should be noted that students have a choice of where they wish to complete their internships, and many opt for the larger hotels on the Island."

l Electricity

Since May this year Coco Reef must also pay $13,459 a month in electricity payments. It currently shares the same meter with the Bermuda College although that is expected to change when construction on Coco Reef begins. The hotel paid $11,000 a month under the old lease.