9 Beaches lease delayed in Senate again – The Royal Gazette | Bermuda News, Business, Sports, Events, & Community

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9 Beaches lease delayed in Senate again

The Senate chose to delay passing a new lease for the 9 Beaches resort for a second time today.

Last week, Government Senate Leader David Burch said they would “rise and report” after Opposition Senators had several questions about the terms of the 240-year lease, for the property which is to be redeveloped.

Today, they returned to Senate with new versions of the lease, addressing some of last week's issues; however, there were still concerns.

United Bermuda Party Senator Jeanne Atherden questioned what the interest rates were, as some documents said seven percent while others said two percent above the Butterfield Bank's base rate.

Independent Senator Walwyn Hughes said terms of the Master Development Agreement did not match those in the sub-lease and added that it said construction must be finished by mid-2011, which he said was impossible.

Senator Burch told the Senate the issues would be addressed and Government would report back in the New Year. He added: “I hope the developers do not lose their resolve, this process is for the benefit of us all.”

After the Senate he said: “The issue is there are so many versions of these leases floating around that I did not feel comfortable that we push it through. I consulted with the Minister responsible and the Premier and told them my thoughts. I am going now to meet the Minister and get us all around the same table so we can sort this out.”

The new lease for 9 Beaches, which is to be redeveloped, was delayed again.

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Published December 22, 2010 at 1:00 am (Updated December 22, 2010 at 4:20 pm)

9 Beaches lease delayed in Senate again

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