As expected, the Act to enable the real estate development at the old Club Med site thundered through Parliament on Friday.
Needless to say, a UBP amendment to require that the eventual lease go before Parliament was also rejected by the PLP block. They get another try today in the Senate - which has a balance of independent senators. I support redeveloping the Club Med in a way that enhances life for Bermudians and the Town of St George. But, by shrouding the terms of the lease in secrecy, the PLP is setting themselves up for public criticism and public anger.
As I have stated, this Act is all about what Bermuda will give away. It does not address in any form what Bermuda will get from it. There has been no public discussion of the income and benefits, and weighing the tax writeoffs for the developer. There has been no discussion of the lease terms.
The PLP says that they are the Government and have the authority to negotiate the lease as they see appropriate. I counter that by saying this is not a normal business transaction. It involves control over 125 acres for 262 years. It is the deal of a lifetime … and it remains to be seen who is getting the deal.
I hope that the Senate will do what is right and force additional discussion of the lease and investors behind this project.