An Order that will see the Pink Beach Club renovated by a locally incorporated group of investors has been approved by the Senate.In return for the purchase and development of the Smith’s property, the Upper House granted five years of tax concessions to the developers.The group PBC Holdings Limited, formed on June 10, will be exempt from land tax up to $105,977 annually.Government will also waive PBC’s hotel occupancy tax for the amount spent on marketing the redevelopment up to $722,757 a year — and up to $175,000 annually for the amount it spends on Bermudian entertainers.PBC will get up to $346,125 off annually on payroll tax for the amount it spends on training local staff.The group must also comply with guidelines issued by the Tourism Minister, and provide yearly audited statements for its spending.