There is no question that the deal signed by Bermuda, Britain and the United States yesterday for the final handover of the baselands is an historic one.

It formally marks the takeover by Bermuda of the former baselands, including the renunciation by the US to any rights to use any part of Bermuda’s land mass for defence purposes.

That means that Bermuda can now use the properties as it wishes without any questions over who has the title to the lands.

And the deal also means that Bermuda will receive a cash payment of $11 million for the replacement of Longbird Bridge.

That does not mean that Bermuda could not have got a better deal for the properties, or that the Island is not still facing a potentially big bill for environmental remediation of the properties.

The British Government, which took over the negotiations, maintains that this was the best deal Bermuda could have achieved. It is worth noting that this is the first time the US has agreed to provide any real financial recompense for its overseas bases.

Canada did receive considerably more for the environmental damage done at the US bases at Goose Bay and Argentia; but this compensation was in the form of military credits. It is hard to imagine what kind of credits Bermuda could have received, given that military credits would have been of scant value.

Now Bermuda has received $11 million, the approximate cost of a new bridge for the Causeway, which certainly needs to be replaced.

And while the US has given the money to replace the bridge, it does not mean that all of the money need go to the bridge alone.

If, for example, the bridge could be replaced for less than that, the balance of the funds could be used to solve some of the other environmental problems that the US left in its wake.

These include, in no particular order, disposing of the growing mountain of containers of asbestos at the Government quarry, the lakes of oil and jet fuel stored beneath the former US Naval Annex and disposal of the other heavy metals dumped and left by the US.

While the latest study obtained by the media stated that the total cost of the clean-up would be around $50 million, the Government has stated that the costs could be considerably less. The public has the right to know what this lower cost would be.

What is important is that the money the US has provided to Bermuda should be used for the Bases and their remediation, and should not be put into the Consolidated Fund to be used to meet other Budget needs.

Bermuda has also been offered assistance with Coast Guard duties around the Island and training facilities for the Bermuda Regiment. Exactly what this means and what value it will have remains to be seen.

A good deal was stated yesterday about the historic links and long friendship Bermuda and the United States have enjoyed and how this deal signified a “new chapter” in this old relationship.

In the last few months, Bermuda has taken a public battering from US politicians over US businesses that have opted to move their corporate registrations to the Island. It can only be hoped that Bermuda’s willingness to make an agreement with the US over the bases will be remembered as Congress continues its drive to turn Bermuda into the whipping boy for the problems caused by the US tax code.