Introduction
Textbox 4: Fixed-Base Operation (FBO) Robert L. Bradshaw International Airport, St. Kitts In December 2010, Veiling Limited of Mauritius signed a 30-year BOT agreement with the St. Christopher Air and Sea Ports Authority for a new private air terminal at Robert L. Bradshaw International Airport. The US$15 million-dollar private jet terminal is a partnership between the St. Christopher Air and Sea Ports Authority (SCASPA) and the London-based Veiling Aviation Limited. This first phase of the initiative allows St. Kitts to offer Fixed-Base Operation (FBO) services to business jet passengers; and includes the development of world-class arrival and departure lounges, a business centre, customs, immigration offices and processing facilities, as well as a landscaped courtyard and events centre. The new facility began operations in 2014. Source : Veiling. Press Release. Accessed June 2016 at http://www.veling.aero/press_release/downloads/pdf/ FBO%20in%20St%20Kitts.pdf and http://www.thestkittsnevisobserver.com/2012/02/03/jet-terminal.html
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| Caribbean PPP Toolkit
d.
BOLT: Build Own Lease Transfer
Under a Build Own Lease Transfer (“BOLT�) structure, the private sector party constructs and owns the facility (design could be by either the public or private party), leases the facility to the public agency over a long-term period, then at the end of the lease period, transfers ownership of the facility to the public party. The chief advantage of the BOLT model is that it removes the burden of raising the finances for the project from the public agency, and places it on the private party. This way the BOLT developer assumes all the risk; the risk of raising the project financing and the risk during the construction period.
In the Caribbean region, BOLT arrangements have frequently been used by governments for the financing and construction of new office buildings and other facilities. One of the advantages of a BOLT contract is that it relieves the government of the burden of raising finance for the project, and transfers the risks of construction overruns and delays onto the private party. For example, the Barbados Water Authority (BWA) entered into a POLT arrangement with a private party for the financing and construction of its new headquarters building, as outlined in Textbox 5.