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MPs approve Princess marina lease

A lease for Fairmont Hamilton Princess to build a marina in Hamilton Harbour has been given the green light in the House of Assembly.

Public Works Minister Trevor Moniz conceded he wasn’t entirely happy with some aspects of the deal, which allows the foreshore to be leased for 120 years in 40-year increments.

Government will get an upfront payment of $500,000, followed by a rent of five percent of the marina’s annual income for the first five years — and 7.5 percent for the remainder of the lease.

Progressive Labour Party leader Marc Bean noted the marina had first been discussed under the PLP Government, and asked how much consultation with Marine and Ports had taken place.

Shadow Minister Wayne Furbert gave his approval, saying it gave the Island “a new product” for mega-yachts.

Mr Moniz told the House that Marine and Ports had been closely involved, adding that the 250ft marina was not considered a shipping hazard.

Hinting that similar arrangements were in the works elsewhere in Bermuda, the Minister said: “We have done deals that have not been done this way before.”

“There is a lot of risk. If they are successful, we are successful — but we do have the premium upfront.”

Mr Moniz admitted he wasn’t “entirely happy with all the clauses”, particularly the breakdown of the lease into 40-year segments.

Nonetheless, the lease — which covers 7.8 acres of the foreshore — won broad approval from MPs on Friday.

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Published July 29, 2013 at 9:00 am (Updated July 29, 2013 at 12:17 am)

MPs approve Princess marina lease

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