“I`ve had more than a few of our members come up to me, which is going to happen; They knew that a special commission had been set up and they presented its report to the government, but they wanted to know the result,” he said. The first developers began dredging a deep-water port and building an airport and roads. These important infrastructure developments, as well as the duty-free concessions of the agreement, have helped to attract important industries to the island. Kevin Seymour, president of the Greater Bahamas Chamber of Commerce, said some of its members were concerned about the expiration of the agreement and whether the government would extend those exemptions. Seymour believes Freeport`s future economic success depends on HCA. “It`s an agreement that the Bahamas government has signed for 99 years, and since it doesn`t formally expire until 2054, I think it`s really not something that someone has a choice in – the government can comply with the agreement, or if they choose to, but probably not to denounce the agreement. The agreement signed between the Grand Bahama Port Authority Ltd (GBPA) and the government has a 99-year period and consists of obligations, customs duties and exemptions. In this document, the government granted GBPA approximately 230 square miles of land known as the “port area” for its development. Freeport would not exist without the Hawksbill Creek Agreement, which led to significant infrastructure developments and investments on Grand Bahama Island.
Use the comment form below to start a discussion about this content. As a result, I will introduce the Hawksbill Creek Grand Bahama (Deep Water Harbour and Industrial Area) (Extension of Tax Exemption Period) Bill, in 2015 for the 6-month extension. It is clear that the government still has a lot to digest and examine before moving forward on the longest path, based on the study of the advisers and, in particular, the report of the commission. Freeports development began with the signing of the HCA on August 4, 1955. . This extension is necessary to allow for a full analysis and, if necessary, further consultation, in order to create the basis and framework necessary to realize the full potential of the Greater Bahamas in the national interest of all the Bahamas. “There are private companies that use connected vehicles to transport customers from point A to B, and that was one of the problems we had with the HCA, but we support the extension,” he said.