$1 million tax break for St George’s development

Plans to build a state-of-the-art marina in St George’s have moved a step closer, the Bermuda Sun can reveal.

Calls from the Corporation for just under $1 million in tax breaks to help to get the project underway have received support from Government and will soon be put to Cabinet.

The news has been welcomed by Mayor Garth Rothwell who told the Bermuda Sun the Corporation could now push ahead with negotiations with the developers. He said: “The Minister of Home Affairs has worked closely with the Corporation of St. George’s to move the marina project forward. The Ministry provided in-principle support for the project several months ago and has actively advocated for the Corporation to ensure steady progress.

“As a result, The Corporation of St George’s has received in principal support from the Ministry of Finance to provide Customs Duty relief under the provisions of the Customs Duty (Special Remissions) Act 1951 for the marina development at Ordnance Island.

“Likewise the Ministry of Public Works is supportive of the waiver of the Queens Bottom fee.

“Both the Customs Duty relief and the waiver of the Queens Bottom fee are subject to Cabinet approval, which will be contingent upon their review and approval of the agreement between the Corporation and the developers.

“The Corporation is now in a position to proceed with the negotiations with the developer to create this agreement.”

Plans to create a new marina have been designed to transform the harbour into a ‘yachting hub’. The project will consist of a marina, a welcome centre and dock management areas, all of which will be available year round and will be serviced 24-hours-a-day.

Mr Rothwell added: “The long term financial success of the marina in addition to providing an increase in foreign revenue for St George’s and Bermuda from transit yachts and mega yachts will provide further financial support for the Corporation.

The marina development will require planning approval which will commence once the above agreement is finalized and consequently the earliest start up date for the Marina is probably March 2015.