The final agreement between developers and the Corporation of St George for a marina to be built in the harbour has been signed.

The agreement between the corporation and St George’s Harbour Marina Ltd has been sent to Michael Fahy, the Minister for Home Affairs, for approval.

Quinell Francis, the Mayor of St George’s, hopes that legislation paving the way for the development will be laid before Parliament in the coming session and work could begin at the start of 2016 once proposals have gone through the planning process.

“I am very excited that we have reached this point,” she told The Royal Gazette.

Last night, Ms Francis outlined the latest developments in the marina project to a public meeting at Penno’s Wharf.

She said: “The latest progress that has been made with regards to the marina is certainly the most significant news we have had in the first six months of the new administration.

“The developer will be operating the marina, but the corporation will have a 20 per cent share under the final agreement.

“The agreement was sent to Minister Fahy at the end of last month and we hope that legislation paving the way for the marina will be put before Parliament in the next session.

“It’s a very significant moment for St George’s.”

Mark Soares, one of three Bermudian investors behind the project, and director of St George’s Harbour Marina Ltd also welcomed the latest developments.

“This has been a long process which began back in January 2012,” he said.

“We have been through two different corporations and a change of Government, but at the end of the day this is something that will benefit everyone.

“St George’s is the perfect fit for this project and it is designed for visiting yachts and the revenue that they bring in. The timing is also great and we hope to take advantage of all the opportunities that come with the America’s Cup in 2017.”

If the development is approved by planners then building work could begin in the early part of 2016.

Ms Francis told The Royal Gazette that it was hoped that the first phase of work would be completed in time for the America’s Cup in 2017.

“The first phase of the work will include a breakwater as well as the yacht berths,” she said.

“It will also include renovations and improvements to the old terminal building on Ordnance Island. The building’s facilities will all be upgraded as part of the project.”