Cabinet has given the ‘go-ahead’ for local government to enter into an agreement for the development a major hotel/resort on Norman Island.
The agreement is being made with Audubon Holdings Limited, a local real estate holding and development company.
German-American businessman Dr Henry Jarecki, who owns Norman Island, is Chairman of the board of directors of the development company.
According to Cabinet’s report on its October 29 meeting, negotiations are now set to commence between government and the organisation.
A draft agreement is to be shared between both entities and “the terms included in the draft agreement shall be the basis for the negotiations with the developer”.
A final investment/economic development agreement and/or a planning development agreement is to be drafted at the end of negotiations.
The particulars of the draft agreement have not been disclosed to local media and it is not clear how soon negotiations and, subsequently, construction will begin.
The decision to develop a resort on the privately-owned outer island has been widely unpopular among residents since news of the development broke back in May.
But, Premier and Minister of Tourism Dr D Orlando Smith has said the resort will provide much-needed business opportunities and employment during and after construction.
He further said the development will add a significant number of rooms to the territory’s hotel stock for overnight guests.
The resort which will comprise hotels and villas is expected to be high-end.
Copyright 2020 BVI News, Media Expressions Limited. All Rights Reserved. This material may not be published, broadcast, rewritten or distributed.