Caroline Bay Limited “has entered into an agreement which will provide the financing to continue construction of the Caroline Bay development”.
A company spokesperson said: “Caroline Bay Limited, its Board of Directors, and Board Chairman Brian Duperreault, announced today that it has entered into an agreement which will provide the financing to continue construction of the Caroline Bay development.
“Since the outset of this project, our commitment to and confidence in Caroline Bay has been steadfast. We appreciate the patience that our construction partners have shown and are grateful for the ongoing cooperation and assistance of Government.
“We look forward to continuing the work at Caroline Bay,” the spokesperson added.
The company “temporarily” reduced construction at the Morgan’s Point site back in March of last year, due to “costs outpacing the existing financing of the project”.
At a news conference held this week, Finance Minister Curtis Dickinson confirmed that funding was “at a standstill”.
As guarantors for the project financing to the tune of $165 million, the Minister expressed “a wider concern” based on his “responsibility to safeguard the public purse and to avert the risk to which the Bermudian taxpayer has been exposed, first by the former government and now by delays in the project”.
Now that the developers have “entered into an agreement which will provide the financing to continue construction”, those issues look set to be settled in due course.