02142018 business

business@tribunemedia.net

WEDNESDAY, FEBRUARY 14, 2018

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Farmers’ $60m request branded ‘astronomical’

By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net

A

Cabinet Minister yesterday slammed the $60 million assistance being sought by farmers as “astronomical”, and said just 3 per cent of this sum would be forthcoming.

Renward Wells, minister of agriculture and marine resources, said the Government was not satisfied that the Farmers United Association (FUA) could justify its request based on Hurricane Matthew-related damages. He added that it was instead seeking to assist the sector with

* Minister: Just 3%, or $2m, likely coming * Argues Association’s sum can’t be justified * Gov’t given farmers ‘everything asked for’ obtaining insurance to guard against future storm damage.

“The sum the farmers are asking for is astronomical; some $60 million to reestablish their farms,” Mr Wells said. “They said salt water intrusion was in Nassau, but we have not assessed that the community experienced that type of damage.” Rather than $60 million, the Minister said the Government was looking at providing further assistance valued in the $2 million range.

“The other thing they are asking for is the Government to assist with farmers’ insurance. My ministry is looking at how we can get the farmers insurance.

There are myriad issues we are addressing,” Mr Wells pledged.

Mr Wells said he was “surprised” and “disappointed” over a newly-posted video making the rounds on social media, showing several irate farmers outside the Prime RENWARD WELLS

SEE PAGE 5

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Bay Street owners to fund boardwalk

By NATARIO MCKENZIE Business Reporter and NEIL HARTNELL THE Prime Minister yesterday promised downtown Nassau’s revival will have a a Bahamian “flavour”, with Bay Street property owners to fund construction of a harbourfront boardwalk.

Dr Hubert Minnis, speaking after a site tour of The Pointe development, said: “There is a downtown committee looking at the entire downtown project, which includes a boardwalk.

They have a very extensive programme and they will involve who they think they need to involve, but it will have a Bahamian flavour.”

He was responding to queries over the proposal

by China Construction America (CCA), the Pointe developer and Baha Mar general contractor, for a masterplan of

* GOV’T APPROVES EAST ST-LUCIANOS FACILITY * PLP’S GRAND PLANS ‘SCARED OFF’ INVESTORS * ‘LIVING CITY’, PARKING AND RETAIL KEY TO REVIVAL downtown Nassau’s redevelopment.

Tribune Business previously revealed that China’s interest in downtown Nassau extended beyond the British Colonial Hilton acquisition, having presented former Prime Minister Perry Christie with a ‘Master Plan’ to redevelop Bay Street and surrounding areas. Dionisio D’Aguilar, minister of

SEE PAGE 3

POINTE DEVELOPER TARGETS FARMERS: ‘WE’RE NOT WAITING FOR $60M TO DROP INTO LAP’ $100M ECONOMIC BOOST * ‘UP IN ARMS’ AS FEEL GOV’T IGNORING THEM

By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net THE Pointe’s developer yesterday forecast the project will inject $100 million into the Bahamian economy when finished, with over 300 Bahamians employed since construction began.

Daniel Liu, vicepresident of developer China Construction America (CCA), said the downtown Nassau project had already injected

* CCA PLEDGES TO ABIDE ON LOCAL LABOUR * PM SEES ‘CATALYST’ FOR DOWNTOWN REVIVAL $25 million into the economy - one-quarter of the total - to-date.

Mr Liu, who gave an update on the project to Prime Minister Dr Hubert Minnis and his Cabinet, said

SEE PAGE 6

MINISTER: NO DECISION YET ON BAY STREET HEIGHT RESTRICTIONS

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A CABINET minister says no decision has been made on calls to revise downtown Nassau’s height/ zoning restrictions, amid fears they are deterring investment to spark the city’s revival.

Dionisio D’Aguilar, minister of tourism, told Tribune Business in a recent interview that the desired “skyline” has to be factored into plans for Bay Street’s

revitalisation, with a raising of height limits among the “topics for discussion”.

“We’re very much in the formative stages of how to incentivise development down there, and one of the topics yet to be decided by the Government is the height of the buildings,” he told Tribune Business. “The higher you go the cheaper it is to construct, because you build units on a smaller footprint. It’s primarily because the cost of the land

SEE PAGE 7

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

FARMERS yesterday defended their request for $60 million in government assistance, saying: “We’re not lazy people waiting for money to drop into our lap”.

Caron Shepherd, president of the Farmers United Association (FUA), the body that sought the nowcontroversial Monday meeting with the Prime Minister, told Tribune Business that her members are “up in arms” because they believe their plight is being ignored.

Despite the Minister of Agriculture branding the Association’s subsidy request

* ASSOCIATION CHIEF: ‘NOT ASKING FOR WORLD’ * NEED HELP FOR MATTHEW RECOVERY, THEFTS

as “astronomical”, and unjustified, Ms Shepherd said it was “not asking for the world” but only sufficient resources for the sector to fully recover from the devastating impact of Hurricane Matthew.

While the salt water intrusion from Matthew’s storm surge was only now dissipating, thereby allowing farmers to start planting again, the FUA president said the loss of fencing and other security equipment meant many were still being hammered by crop and livestock thefts.

“Nothing has changed significantly since Matthew,” Ms Shepherd told Tribune Business, “and that is why the farmers are still up in arms, because we have been put on the back burner.

“Every time, everybody else is more important than the farmers. We’re trying to share with the Government, through the Minister, the importance of getting the farmers back on track.”

The Association, which has around 100 members, first submitted its proposed Matthew recovery plan to

then-minister of agriculture and fisheries, V Alfred Gray, via a March 27, 2017, letter.

It requested government financial assistance amounting to $30,000 per acre of farm land. And, estimating that there were around 2,000 acres of land on New Providence currently being used for agriculture, the FUA said this equated to a total $60 million subsidy.

Mr Gray’s response was that it represented a “longterm” vision requiring Cabinet approval, which was not forthcoming before the May 10 general election. The Association then sought to pick up where it had left off with Mr Gray’s

SEE PAGE 4

PAGE 2, Wednesday, February 14, 2018

THE TRIBUNE

‘Banner year’ forecast for real estate market A local realtor is predicting “a banner year” for the Bahamian property market in 2018, due to growing millennial demand and improved investor confidence stemming from recent US tax cuts.

Ryan Knowles, the HG Christie realtor who handled $28 million worth of transactions to become the firm’s top 2017 producer, said these factors would further boost the real estate markets in the Family Islands and New Providence.

“There are two independent engines that I believe will drive buyers to purchase in the Bahamas this year,” said Mr Knowles, identifying the Trump administration’s regulatory roll-back and tax cuts as a stimulus to foreign buyer confidence.

“A booming Wall Street and a US president who is business-friendly may

RYAN KNOWLES not be popular with a lot of people, but the reality is that the top corporate executives and major shareholders who benefit from less regulation and lower taxes are the same people who are going to be looking at the Bahamas,” said Mr Knowles.

“With greater disposable income and increased confidence, they have more

money for second, third or fourth homes. They want to invest in a place that is close to the mainland, is stable and, above all, where both their family and their investment are secure.

Safety and security are the number one concerns among the super wealthy, an economic category enjoying unprecedented growth. They are the clients who will buy or build in Albany, Old Fort Bay, Lyford Cay, Ocean Club Estates or make a lifelong fantasy of owning an island their 2018 reality.”

Mr Knowles said the second driver for real estate sales will be rising demand from millennials seeking starter condos and homes, or an upgrade from their first home.

“There are thousands of millennials who want to take advantage of affordable mortgage rates, and who understand the value of owning rather than renting,” Mr Knowles said.

“Their challenge is going to be finding inventory in the right location at the right price.”

The lack of market inventory below the $500,000 price point motivated Mr Knowles and his colleague, Shamon Campbell, to back a 20-unit condo project in Coral Harbour called Aqua. Mr Knowles described the waterfront community on New Providence’s south coast as “the best value for money on the waterfront today”.

“The thirst is greater than the supply to quench it,” said Mr Knowles. “Greater disposable income for Americans and lower mortgage interest rates for young professionals in the Bahamas will combine to create a banner year for real estate in the Bahamas in 2018.”

His one piece of advice for developers is: “Get busy and build for the millennials for their needs now, and their growth five years from now.”

THE TRIBUNE

Wednesday, February 14, 2018, PAGE 3

Bay Street owners to fund boardwalk FROM PAGE 1 tourism, said yesterday that the “six or seven” Bay Street property owners will fund the development of a boardwalk. “We have already approved a boardwalk that the private sector is going to pay for themselves, going from East Street to Lucianos. All the owners have agreed to do that,” said Mr D’Aguilar.

“The key component to Bay Street’s revival is to make it a living city. Ultimately, you will have to build high rises because the higher you go, the cheaper it becomes per unit. You want young persons to move downtown. That’s going to be a critical competent, and that is what that portion from East Street to Lucianos will be used for.”

Mr D’Aguilar, in a recent interview with Tribune Business, said the boardwalk’s construction would enable “foreign visitors to stroll along the waterfront as opposed to going down a piece of Bay Street that’s extremely rundown” - a reference to the decaying condition of many properties between the two starting points.

Emphasising that the boardwalk will be “entirely” funded by the private sector, not the Government, the Minister added: “We are obviously looking at how to revitalise Bay Street, and a critical component of that is how to revitalise specifically the area from East Street to the Paradise Island Bridge, which is basically in a state of decay.”

He acknowledged that the area, vacated by the shipping companies following their Arawak Cay port location, was now “dormant and underutilised”, but said the boardwalk’s construction would help to attract cruise passengers east, with the retail and

restaurant component “to come”.

“Obviously the private sector is going to drive this process,” Mr D’Aguilar told Tribune Business.

“The Government will provide the environment and necessary approvals to make it happen.

“The incentives can be provided, the real property tax rebates and the like, to get it going; to spark it.

This is basically the start of the process.”

Reviving downtown Nassau, especially Bay Street, has been identified by successive governments as a major policy priority for almost two decades.

Yet little has happened to achieve this, apart from the shipping industry relocation, Pompey Square upgrades and some pedestrianised streets.

With Baha Mar now joining Atlantis as an additional attraction for both cruise passengers and stopover visitors, Bay Street and its Bahamian-owned businesses face being ‘squeezed in the middle’ as the ‘poor relation’ of

Paradise Island and Cable Beach unless drastic reforms are undertaken.

A harbourfront boardwalk was on the ‘drawing board’ under the Christie administration, but the idea was never brought to fruition.

Mr D’Aguilar, as ever, could not resist a dig at the former government, arguing that its “grand”, nine-figure plans for reviving downtown Nassau had “scared off” Bahamian and foreign investors because of the sheer scale of investment required.

“All these grand, visionary plans of the past government did not come to fruition,” he told Tribune Business. “All the players downtown were overwhelmed by the amount of investment required to bring these plans to fruition. It scared them all off, and the last government did not see it as a priority. Nothing came of it.”

Mr D’Aguilar said there were three components essential to downtown Nassau’s revival. He identified

these as residential options, creating a ‘living city’ by persons returning to live there; “adequate parking”; and improved restaurant and retail options.

“We need all three of them to revitalise the city,” he added. “Right now you have very limited parking and no residential, so it becomes abandoned and deserted at night.

“We’ve got to create attractions for people to come downtown. We’ve got to create some situations to attract, to draw in foreign visitors and bring Bahamians back to downtown.

“The residential component is critical, and the property from East Street

to Lucianos is probably where the residential component comes in. They will be more your young millennials looking for for experiences as opposed to going out to Seabreeze and living in the suburbs.”

Mr D’Aguilar said the Government was initially targeting “the low hanging fruit”, with the Downtown Nassau Partnership and Town Planning exploring what would incentivise Bay Street property owners to invest once again.

He added that establishing downtown Nassau as a Business Improvement District (BID), another option long contemplated, was among the choices being

mulled. “This is the heart of our city,” Mr D’Aguilar told Tribune Business, “and this goes into how we deal with our port, how we deal with downtown Bay Street. This is very important economically.

“We need to look at how we’re going to make money. If you look at the pressure to revitalise Bay Street, it’s a mechanism to stimulate your economy in that area. We have three million-plus foreign visitors that come to that area every year, and if we plan to draw more expenditure out of them, we’ve got to make it a pleasant and exciting place for them to go.”

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PUBLIC AUCTION M/V “TENDER TOO”

NOTICE To be sold by Public Auction pursuant to the Order of the Honourable Madam Justice Indra Charles, Justice of the Supreme Court of the Commonwealth of The Bahamas, dated the 20th July, 2017 in Supreme Court Action number CLE/gen/01476 of 2015.

The Motor Vessel, Tender Too, is presently docked at the Hurricane Hole Charter Dock, Paradise Island (under the old Bridge), on the Island of New Providence and has the following particulars:Description:- LUHRS Length:- 32 feet Engine:- Caterpillar 300 HP (Details without guarantee) The above particulars and any further particulars that may be given with regard to the motors vessel are and will be given in good faith, but no responsibility and/or liability will be accepted for their accuracy. Purchasers must make their own independent enquires.

Interested persons may view the vessel on Thursday, the 15th day of February, A.D., 2018 between the hours of 9:00 a.m. and 4:00 p.m.

The Auction will be held on Friday, the 16th day of February, A.D., 2018 at 10:00 a.m. to 2:00 p.m. Place: Hurricane Hole Charter Dock, Paradise Island (under the old Bridge).

The winning bidder must present Twenty-five (25%) of the purchase price/ deposit at the time of the winning auction. The balance is to be paid within Twenty-one (21) days thereafter. All deposits are non- refundable.

The Provost Marshall reserves the right to reject any and all bids.

PAGE 4, Wednesday, February 14, 2018

THE TRIBUNE

Farmers: ‘We’re not waiting for $60m to drop into lap’ FROM PAGE 1

successor, Renward Wells, engaging him soon after the Minnis administration took office in May 2017. Despite meetings extending over several months, Ms Shepherd said the Association and its members grew frustrated over the vague responses and lack of detail she alleged was forthcoming from the Ministry of Agriculture.

“The response was: ‘We’re working on it, we’re working on it’,” she recalled. Ms Shepherd said the Ministry last September proposed providing farmers with lumber and fencing, plus a cash payment where the sum was linked to the size of the farm involved.

An additional cash allocation was also offered to allow farmers to replenish crops or livestock.

“It was never put in writing, and nothing was submitted,” the Association president added. “It was talk, talk, talk, but nothing came of it. October came, November came and nothing came of it.”

This built up the pressure for Monday’s ‘non-meeting’ with Dr Hubert Minnis, and Ms Shepherd said it was intended to give the Prime Minister insight into just how badly many Bahamian farmers are “hurting” given that they lack the finances

and/or insurance to rebuild their facilities and replace crops/livestock lost to Matthew.

“The farmers want to produce more crops and give much more than they’re doing now,” she told Tribune Business. “It’s not like we have a bunch of lazy people waiting for money to drop into their lap.

“They want to produce the food. We have people complaining about imports.

They’re aggressively trying to put their farms in shape to produce the food.”

Ms Shepherd added that many Bahamian farmers were only “now starting to come back” some 16 months after Hurricane Matthew hit this nation.

“We had a lot of salt water intrusion into the soil, which meant plants couldn’t grow properly,” she added. “It’s only now that the salt water is dissipating, so farmers can grow crops and plants without them dying.”

Post-Matthew recovery efforts, though, have also been hit “by a lot of pilferage”, with Ms Shepherd recalling how one farmer lost all her coconut trees to thieves who dug them up during the night. And, with fencing lost to the storm and never replaced, another farmer lost all his baby pigs one night, with the thieves returning - and taking - the rest the following day.

Ms Shepherd added that the Government’s failure to provide the requested assistance also meant farmers

who grew native fruits, such as sugar apple, sour sop and guava, were between 12 to 18 months behind in the production cycle.

“We were hoping by September/October last year to receive funding to put the fruit trees back,” she explained. “We’re a year behind. If we get money now, we have to wait 18 months for the trees to produce fruit. We’re a yearand-a-half behind with fruit. We were hoping to have those already in the ground so they would start to bear fruit this year or early next year.”

Ms Shepherd again argued that the multimillion annual taxpayer subsidies provided to the Bahamas Agricultural and Marine Science Institute (BAMSI) would have been better spent assisting Bahamian farmers.

And she revealed that the Association had adjusted its assistance proposal to suggest that the Government mandate foreign investors, via their Heads of Agreement, to purchase specific foods from certain Bahamian farmers as a way to reduce reliance on the Public Treasury. “There’s more than one way to do this,” she suggested.

Addressing Dr Minnis directly, Ms Shepherd said: “This is going on and frustrating the farmers. We need you to hear what’s going on. Some are doing well and have other businesses to subsidise their

farms, and they are taking from Peter to pay Paul.

“These are some of the things that need to be looked at and addressed.

Some of the farmers with one revenue stream, it’s really difficult for them.

Just help the farmers to do what they need to do to get on their feet, and they will be able to make it. They are aggressively going out there to do what they can do. They are not waiting for money to come into their lap.

“I have a passion for it; to get the members back on track. We’re making strides, but it’s just the assistance we need to make better strides and produce what we can. We aren’t looking for the world.

“It’s only because we got knocked down by Hurricane Matthew, and don’t have the resources coming in; that’s the only reason we’re asking for help. That’s all. Right now, the farmers need the help.”

Explaining how Monday’s controversy occurred, Ms Shepherd said she and the Association were finally given that date, and the 3.45pm time, from Ms Marsh in the Prime Minister’s Office last week.

But, when she and the members arrived, Ms Marsh apologised and said the meeting was cancelled.

She added that she had been trying to notify Ms Shepherd of this since last Friday, but the latter said she never received the call

despite her phone being on constantly.

“As far as I’m concerned the meeting was not cancelled last Friday; it was cancelled at 3.45pm on Monday, and they’re now trying to put out the fire,” the Association president said. Social media postings purported to show Dr Minnis ducking the farmers and exiting the Prime Minister’s Office by a side door.

She added: “I’m not a stranger to him. I’m not a stranger to the FNM. “I ran in the 2012 election and was head of the party’s women’s association twice.

He was also doctor to my children.”

Ms Shepherd added that Jack Thompson, the Prime Minister’s permanent secretary, had said he would seek to rearrange the meeting at a date yet to be confirmed.

NOTICE

NOTICE

Pursuant to the provisions of Section 138 (8) of the International Business Companies Act (as amended), NOTICE is hereby given that WINTERLAND VENTURES LIMITED has been dissolved and has been struck from the Register with effect from 28th December 2017.

Pursuant to the provisions of Section 138 (8) of the International Business Companies Act (as amended), NOTICE is hereby given that BERWICK VENTURES LIMITED has been dissolved and has been struck from the Register with effect from 28th December 2017.

Marcelo Jaramillo Crespo LIQUIDATOR Panamericana Norte Km 12,5 Challuabamba, Cuenca, Ecuador

Ana Karina Jaramillo Vega LIQUIDATOR Panamericana Norte Km 12,5 Machangara, Challuabamba Cuenca, Ecuador

NOTICE

NOTICE

NOTICE

Pursuant to the provisions of Section 138 (8) of the International Business Companies Act (as amended), NOTICE is hereby given that BARNSTABLE VENTURES LIMITED has been dissolved and has been struck from the Register with effect from 28th December 2017.

Pursuant to the provisions of Section 138 (8) of the International Business Companies Act (as amended), NOTICE is hereby given that SHERBROOKE VENTURES LIMITED has been dissolved and has been struck from the Register with effect from 28th December 2017.

Pursuant to the provisions of Section 138 (8) of the International Business Companies Act (as amended), NOTICE is hereby given that HAZLETON VENTURES LIMITED has been dissolved and has been struck from the Register with effect from 28th December 2017.

Marcelo Jaramillo Vega LIQUIDATOR Panamericana Norte Km 12,5 Machangara, Challuabamba Cuenca, Ecuador

Pablo Daniel Jaramillo Vega LIQUIDATOR Panamericana Norte Km 12,5 Machangara, Challuabamba Cuenca, Ecuador

Marcelo Jaramillo Crespo LIQUIDATOR Panamericana Norte Km 12,5 Challuabamba, Cuenca, Ecuador

NOTICE

BVI BUSINESS COMPANIES ACT, 2004

Pursuant to the provisions of Section 138 (8) of the International Business Companies Act (as amended), NOTICE is hereby given that WOODINVILLE INVESTMENTS LIMITED has been dissolved and has been struck from the Register with effect from 28th December 2017.

Juan Pablo Jaramillo Tamariz LIQUIDATOR Panamericana Norte Km 12,5 Machangara, Challuabamba Cuenca, Ecuador

BARKMERE GROUP LTD. (the “Company”) a BVI Business Company BVI Company N° 1010725 ____________________________________ NOTICE OF LIQUIDATOR’S APPOINTMENT ____________________________________ NOTICE IS HEREBY GIVEN pursuant to section 204(1)(b) of the BVI Business Companies Act, 2004 that I, José Esquivel at Urbanización Los Angeles, Edificio El Vigía, Panama city, Republic of Panama, has been appointed as the voluntary liquidator of the Company pursuant to a resolution of the directors of the Company dated February 7, 2018 and the resolution of the member of the Company dated February 7, 2018.

Dated on this 7th day of February, 2018, José Esquivel Liquidator

LEGAL NOTICE INTERNATIONAL BUSINESS COMPANIES ACT, 2000

KHARI HOLDINGS LIMITED

NOTICE IS HEREBY GIVEN in accordance with Section 138 (4) of the International Business Companies Act, 2000, as follows: a) KHARI HOLDINGS LIMITED is in dissolution under the provisions of the International Business Companies Act, 2000. b) The dissolution of the said Company commenced on 7th February, 2018. c) The Liquidator of the said Company is Amicorp Bahamas Management Limited whose address is: Bahamas Financial Centre, 2nd Floor, Shirley & Charlotte Street, P.O. Box N-4865, Nassau, Bahamas.

THE TRIBUNE

Wednesday, February 14, 2018, PAGE 5

Farmers’ $60m request branded ‘astronomical’ FROM PAGE 1 Minister’s Office for a cancelled Monday meeting with Dr Hubert Minnis. “I was extremely disappointed the way that social media video went out, and the reaction of the individual, because it was completely uncalled for in an environment where a conversation has been had and is going on,” said Mr Wells.

The video purports to show the Prime Minister slipping out of his office by a side door to avoid the farmers before being driven away, with some heard threatening to vote him and the FNM out of office at the next general election, mirroring the fate of Perry Christie and the Progressive Liberal Party (PLP) Mr Wells, speaking following a Cabinet tour of

The Pointe’s Phase II development, argued that the Government has provided farmers with “everything they have asked for”.

“I am very surprised that the farmers would react in the way they did when everything they asked for, and anything they need for farming, is available to them in the Department of Agriculture,” said Mr Wells.

“Everything they asked for was provided to them.

We have about 200 farmers in Nassau, and about 1,500 throughout the country who are registered.

Every one of them Some of them have the land they are farming on leased to them, and some have been granted it outright.

“In addition, we provided seeds from the fish and farm store on Potters Cay,

fertiliser, feed from the feed mill on Gladstone Road for chicken, pigs, goats and small ruminants.

“If you have an issue with your animal, the Department of Agriculture has four vets we send to to assist you. We had Moroccan fertiliser donated by the Moroccan government sitting on the dock for two years. I am passing that out, giving out 10 bags-15 bags.

If you want a meeting with me I have an open door policy.”

Mr Wells added that government purchases $9,000 worth of produce from local farmers.

“We guarantee $9,000 minimum for what you produce and, based on the credit you have with the fish and farm store, we deduct that from the $9,000,” he said. “The farmers

have asked for additional monies because the previous government gave them vouchers to build some of their fencing and get pumps for aggregation.”

In a March 27, 2017, letter to Mr Wells’ predecessor, V Alfred Gray, the Farmers United Association requested government financial assistance amounting to $30,000 per acre of farm land. Estimating that

there were around 2,000 acres of land on New Providence currently being used for agriculture, the FUA said this equated to a total $60 million subsidy.

The Farmers United Association (FUA) president, Caron Shepherd, previously told this newspaper that New Providence farmers were seeking $60 million to help their operations recover from

Hurricane Matthew and contaminated feed from the Gladstone Road feed mill.

She added that the farming community was still trying to remove salt contamination from the soil, caused by Hurricane Matthew’s four-foot storm surge into the Cowpen Road area, and also needed to repair its physical infrastructure, including cages, wire fences and farmhouses.

PUBLIC AUCTION NOTICE

M/V “DIXIE ROSE”

To be sold by Public Auction pursuant to the Order of the Honourable Madam Justice Indra Charles, Justice of the Supreme Court of the Commonwealth of The Bahamas, dated the 20th July, 2017 in Supreme Court Action number CLE/gen/01475 of 2015.

The Motor Vessel, Dixie Rose, is presently docked at the Hurricane Hole Charter Dock, Paradise Island (under the old Bridge), on the Island of New Providence and has the following particulars:Description:- LUHRS 380 Sportfishing Convertible Length:- 40 feet Engine:- 2 Detroit Diesel 671 Northern Lights Generator -6 ½ KW (Details without guarantee) The above particulars and any further particulars that may be given with regard to the motors vessel are and will be given in good faith, but no responsibility and/or liability will be accepted for their accuracy. Purchasers must make their own independent enquires.

Interested persons may view the vessel on Thursday, the 15th day of February, A.D., 2018 between the hours of 9:00 a.m. and 4:00 p.m.

The Auction will be held on Friday, the 16th day of February, A.D., 2018 at 10:00 a.m. to 2:00 p.m. Place: Hurricane Hole Charter Dock, Paradise Island (under the old Bridge).

The winning bidder must present Twenty-five (25%) of the purchase price/ deposit at the time of the winning auction. The balance is to be paid within Twenty-one (21) days thereafter. All deposits are non- refundable.

The Provost Marshall reserves the right to reject any and all bids.

PAGE 6, Wednesday, February 14, 2018

THE TRIBUNE

Pointe developer targets $100m economic boost FROM PAGE 1 150 different contractors have been hired thus far, with one-third of professional management at the development, such as project managers and engineers, being Bahamian.

“When the job is completed we estimate that

$100 million will be injected into the economy,” Mr Liu, The Pointe’s president, said.

“Fifty-eight Bahamians have worked on the project so far this year, and there will be much more when other jobs start.

He added that CCA will adhere to its Heads of Agreement (HOA) with the Government, which

calls for a work force comprised of 70 per cent Bahamians and 30 per cent foreign labour.

The agreement, tabled in Parliament last year, granted CCA between 400-500 work permits for the $200 million development. The deal, dated June 18, 2015, stipulated that Bahamians would comprise 70 per cent of the total construction workforce, once those employed by local sub-contractors were included in the calculation.

And Bahamian sub-contractors were supposed to receive “approximately 40 per cent of development work.... in various classifications”, although these were not listed.

Mr Liu did not indicate how many Chinese workers have been employed at the

development site, which is adjacent to the CCA-owned British Colonial Hilton, todate. He declined media interviews following yesterday’s site tour.

The Bahamian Contractors Association (BCA) recently demanded that the Government and developer “clarify” how many Bahamian companies and labourers are employed on Phase II of The Pointe, and it is unclear whether yesterday’s disclosure will satisfy them.

Leonard Sands, the BCA’s president, told Tribune Business that while “the project seems to be progressing well”, Bahamian contractors wanted to know what level of involvement they could expect.

Mr Liu, meanwhile, said CCA has obtained

NOTICE

NOTICE is hereby given that ALICIA DORMEUS of Forest Drive,P.O. Box AB-20377, Abaco, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 14th day of February, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, Bahamas.

the necessary approvals to begin construction on The Pointe’s 45-slip marina.

Work is expected to begin in two months and create 50-60 Bahamian jobs, he said.

Also included in the Pointe’s second phase is a 150-room Margaritaville Beach Resort and 148 luxury oceanfront residences. Mr Liu said the hotel will feature a water park, surf simulator, 1,000 feet lazy river and other amenities.

The hotel was initially to be a Hard Rock-branded resort, and is expected to create 500 permanent jobs when opened, although Mr Liu did not indicated why the operator brand had changed.

The Pointe’s condo development will feature one and three-bedroom residences. The second phase is expected to begin a phased opening in mid-2019, with a grand opening scheduled for April 2020.

“We are working tirelessly to get everything done,” Mr Liu said. The first phase of the $250 million

Pointe development, which included a seven-storey, 900 space parking garage with spaces for lease, was officially opened in October 2016.

The CCA vice-president did not respond to criticism of The Pointe’s design, which has come under heavy local fire for being incompatible with traditional Bahamian architecture and out of keeping with the surrounding downtown Nassau environment, looking like something more suited to Manhattan or the City of London.

The Prime Minister, speaking with reporters following yesterday’s update and site tour, said: “We came because I wanted to see if they were making progress on the commitment they have made.

“I wanted to see the project itself because it’s a part of the entire downtown redevelopment. This will be the catalyst for the downtown redevelopment, and it’s essential that it is on target. I’m very impressed with what we have seen today.”

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, JULIAN W. FRANCIS and MARY FERNANDER of #26 Culberts Hill, Winton Heights, P.O.Box FH-14124 New Providence, Bahamas, parents of JOEL WALTER FERNANDER intend to change our child’s name to JOEL WALTER FERNANDERFRANCIS.If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742 Nassau Bahamas no later than thirty (30) days after the date of the publication of this notice.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, JULIAN W. FRANCIS and MARY FERNANDER of #26 Culberts Hill, Winton Heights, P.O.Box FH-14124 New Providence, Bahamas, parents of JULIA WHITNEY FERNANDER intend to change our child’s name to JULIA WHITNEY FERNANDERFRANCIS.If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742 Nassau Bahamas no later than thirty (30) days after the date of the publication of this notice.

NOTICE

MARKET REPORT TUESDAY, 13 FEBRUARY 2018

t. 242.323.2330 | f. 242.323.2320 | www.bisxbahamas.com

BISX ALL SHARE INDEX: CLOSE 2,049.11 | CHG -2.80 | %CHG -0.14 | YTD -14.46 | YTD% -0.70 BISX LISTED & TRADED SECURITIES 52WK HI 4.38 19.17 9.09 3.76 1.64 0.18 4.60 8.70 6.30 5.30 11.93 2.59 1.56 9.70 6.01 10.55 10.95 4.50 12.51 11.00

52WK LOW 3.50 17.43 8.19 3.32 0.90 0.12 3.50 8.40 5.83 3.15 9.00 2.18 1.40 8.07 5.82 8.78 5.67 3.35 12.01 10.00

SECURITY AML Foods Limited APD Limited Bahamas Property Fund Bahamas Waste Bank of Bahamas Benchmark Cable Bahamas CIBC FirstCaribbean Bank Colina Holdings Commonwealth Bank Commonwealth Brewery Consolidated Water BDRs Doctor's Hospital Emera Incorporated Famguard Fidelity Bank Finco Focol J. S. Johnson Premier Real Estate

1050.00 1000.00 1000.00 1000.00

1000.00 1000.00 1000.00 1000.00

Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Fidelity Bank Class A Focol Class B

PREFERENCE SHARES

1.00 103.00 100.00 106.00 105.00 103.00 100.00 10.00 1.01

1.00 100.00 100.00 100.00 105.00 100.00 100.00 10.00 1.00

SYMBOL AML APD BPF BWL BOB BBL CAB CIB CHL CBL CBB CWCB DHS EMAB FAM FBB FIN FCL JSJ PRE

E J K L M N

CORPORATE DEBT - (percentage pricing) 52WK HI 100.00 100.00

52WK LOW 100.00 100.00

CAB6 CAB8 CAB9 CAB10 CHLA CBLE CBLJ CBLK CBLL CBLM CBLN FBBA FCLB

SECURITY Fidelity Bank Note 18 (Series E) + Fidelity Bank Note 22 (Series B) +

SYMBOL FBB18 FBB22

Bahamas Note 6.95 (2029) BGS: 2015-1-3Y BGS: 2014-12-5Y BGS: 2015-1-5Y BGS: 2014-12-7Y BGS: 2015-1-7Y BGS: 2014-12-30Y BGS: 2015-1-30Y BGS: 2015-6-3Y BGS: 2015-6-5Y BGS: 2015-6-7Y BGS: 2015-6-30Y BGS: 2015-10-3Y BGS: 2015-10-5Y BGS: 2015-10-7Y

BAH29 BG0203 BG0105 BG0205 BG0107 BG0207 BG0130 BG0230 BG0303 BG0305 BG0307 BG0330 BG0403 BG0405 BG0407

BAHAMAS GOVERNMENT STOCK - (percentage pricing) 115.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

104.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

MUTUAL FUNDS 52WK HI 2.12 4.14 1.98 178.69 153.40 1.53 1.70 1.62 1.10 6.99 8.54 6.15 10.52 11.46 10.46

52WK LOW 1.67 3.04 1.68 164.74 116.70 1.47 1.62 1.56 1.04 6.41 7.62 5.66 8.65 10.54 9.57

LAST CLOSE 3.90 17.43 9.09 3.34 1.00 0.18 3.60 8.70 6.10 4.80 9.01 2.46 1.50 8.07 6.00 10.45 6.24 4.47 12.51 10.00

CLOSE 3.90 17.43 9.09 3.34 1.00 0.18 3.60 8.70 6.10 4.78 9.01 2.52 1.50 7.75 6.00 10.48 6.24 4.47 12.51 10.00

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.02 0.00 0.06 0.00 -0.32 0.00 0.03 0.00 0.00 0.00 0.00

1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.40 100.00 100.00 100.00 10.00 1.00

1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.40 100.00 100.00 100.00 10.00 1.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

LAST SALE 100.00 100.00

CLOSE 100.00 100.00

CHANGE 0.00 0.00

109.62 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

-0.39 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

110.01 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

FUND CFAL Bond Fund CFAL Balanced Fund CFAL Money Market Fund CFAL Global Bond Fund CFAL Global Equity Fund FG Financial Preferred Income Fund FG Financial Growth Fund FG Financial Diversified Fund FG Financial Global USD Bond Fund Royal Fidelity Bahamas Opportunities Fund - Secured Balanced Fund Royal Fidelity Bahamas Opportunities Fund - Targeted Equity Fund Royal Fidelity Bahamas Opportunities Fund - Prime Income Fund Royal Fidelity Int'l Fund - Equities Sub Fund Royal Fidelity Int'l Fund - High Yield Fund Royal Fidelity Int'l Fund - Alternative Strategies Fund

VOLUME

2,100 45 2,555

VOLUME

NAV 2.12 4.14 1.98 178.69 153.40 1.53 1.70 1.62 1.10 7.16 8.40 6.29 11.28 11.60 10.21

EPS$ 0.475 0.932 -0.508 0.540 -1.220 0.000 -1.462 0.638 0.583 0.171 0.631 0.102 0.330 2.670 1.129 0.729 0.484 0.298 0.543 0.000

DIV$ 0.080 1.130 0.000 0.230 0.000 0.000 0.000 0.300 0.220 0.120 0.690 0.060 0.050 0.565 0.290 0.500 0.150 0.120 0.580 0.000

P/E 8.2 18.7 N/M 6.2 N/M N/M -2.5 13.6 10.5 28.0 14.3 24.7 4.5 2.9 5.3 14.4 12.9 15.0 23.0 0.0

YIELD 2.05% 6.48% 0.00% 6.89% 0.00% 0.00% 0.00% 3.45% 3.61% 2.51% 7.66% 2.38% 3.33% 7.29% 4.83% 4.77% 2.40% 2.68% 4.64% 0.00%

0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

0.00% 0.00% 0.00% 0.00% 6.25% 6.25% 6.25% 6.25% 6.25% 6.25% 6.25% 7.00% 6.50%

INTEREST 6.00% Prime + 1.75%

MATURITY 31-May-2018 19-Oct-2022

6.95% 4.00% 4.25% 4.25% 4.50% 4.50% 6.25% 6.25% 4.00% 4.25% 4.50% 6.25% 3.50% 3.88% 4.25%

20-Nov-2029 30-Jul-2018 16-Dec-2019 30-Jul-2020 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2018 26-Jun-2020 26-Jun-2022 26-Jun-2045 15-Oct-2018 15-Oct-2020 15-Oct-2022

YTD% 12 MTH% 4.00% 4.39% 5.57% 5.69% 2.14% 2.44% 4.66% 3.89% 5.58% 6.65% 4.34% 4.34% 1.83% 1.83% 3.30% 3.30% 4.03% 4.03% -1.08% 1.77% -5.96% -3.05% 1.90% 4.59% 7.24% 11.96% 2.77% 3.88% 3.94% 4.69%

NAV Date 31-Dec-2017 31-Dec-2017 31-Dec-2017 31-Dec-2017 31-Dec-2017 31-Dec-2017 31-Dec-2017 31-Dec-2017 31-Dec-2017 30-Nov-2017 30-Nov-2017 30-Nov-2017 30-Nov-2017 30-Nov-2017 30-Nov-2017

MARKET TERMS BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00 52wk-Hi - Highest closing price in last 52 weeks 52wk-Low - Lowest closing price in last 52 weeks Previous Close - Previous day's weighted price for daily volume Today's Close - Current day's weighted price for daily volume Change - Change in closing price from day to day Daily Vol. - Number of total shares traded today DIV $ - Dividends per share paid in the last 12 months P/E - Closing price divided by the last 12 month earnings

YIELD - last 12 month dividends divided by closing price Bid $ - Buying price of Colina and Fidelity Ask $ - Selling price of Colina and fidelity Last Price - Last traded over-the-counter price Weekly Vol. - Trading volume of the prior week EPS $ - A company's reported earnings per share for the last 12 mths NAV - Net Asset Value N/M - Not Meaningful

TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | FG CAPITAL MARKETS 242-396-4000 | COLONIAL 242-502-7525 | LENO 242-396-3225

NOTICE is hereby given that CHERVIN GUEPSON BROWN of Gamble Heights, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 14th day of February, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, Bahamas.

NOTICE

NOTICE is hereby given that SYDNEY LYNN DELAHEY of #8 Shannon Drive, P.O.Box F42409 Freeport, Grand Bahama, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 7th day of February, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, Bahamas.

NOTICE

NOTICE is hereby given that DAPHNE ELFRA of Gamble Heights, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 14th day of February, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, Bahamas.

NOTICE

NOTICE is hereby given that ROSIE FRANCOIS of Mackey Street, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 7th day of February, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, Bahamas.

NOTICE

NOTICE is hereby given that SHANTINO LOUIS of Sunlight Village, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 14th day of February, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, Bahamas.

THE TRIBUNE

Wednesday, February 14, 2018, PAGE 7

MINISTER: NO DECISION YET ON BAY STREET HEIGHT RESTRICTIONS FROM PAGE 1 per square foot gets smaller the higher you go.

“Cities like Tokyo have allowed the limits to go extremely high because they felt it reduced the cost per square foot to construct those units. You’ve got to factor in how you want to change the skyline of your city. All these things factor into your decision.”

Acknowledging that Atlantis was “across the waterway” at “20-plus storeys”, Mr D’Aguilar reiterated of downtown Nassau’s height restrictions: “We haven’t come to a decision on that. It’s a topic of discussion.

“Something must be done,” he added of Bay Street’s downtrodden stage, “and the Government is active and increasingly looking at how we spark this redevelopment; how we make it happen.”

Concerns over the city’s height/zoning restrictions were again raised just before Christmas 2017, with a prominent realtor warning then that downtown Nassau’s revival was being “stunted” by regulatory confusion that continued to deter potential developers and financiers.

Charles Christie, C. A. Christie Real Estate’s president, said zoning restrictions - especially the limits on how high developers could build - were combining with alreadyhigh property values to make any redevelopment ‘east of East Street’ commercially “unfeasible”.

Potential developers were thus being put-off by an unfavourable risk/ reward analysis, he warned, unable to determine whether their proposed projects would yield the desired returns. And the same uncertainty was also driving away financiers of such redevelopment.

Mr Christie’s concerns were echoed by Charles

Klonaris, the Downtown Nassau Partnership’s (DNP) co-chairman, who told Tribune Business in a recent interview that the height restrictions were “one of the most serious” impediments to fresh investment and development in the Bay Street area.

“The zoning has to change; no question about that,” Mr Klonaris said, adding that this was “part of the thinking of the DNP” - the public-private partnership (PPP) entity created to oversee downtown Nassau’s revitalisation.

“No one is going to make an investment if they can only go up five storeys,” he added. “We have to create demand. If the demand among financiers is not there, the revenues are not there, no one is going to invest.

“That’s been one of the most serious problems in attracting development and investments downtown; the height restrictions. We have this valuable frontage on the harbourside, and it’s easy to understand why development has not taken place. It’s too costly, if you only go up four to five storeys, to justify the investment.

“If you put the cost of the land with the cost of construction, you have to go up a certain amount or create a certain amount of units to get a return on your investment.”

Downtown Nassau’s revitalisation as a centre of economic, social and cultural activity has long been identified as a priority by successive governments, but little tangible progress has been achieved to-date apart from the shipping industry’s relocation to Arawak Cay; the Pompey Square upgrades; and turning some streets into pedestrian-only thoroughfares.

Graycliff and John Watling’s Distillery have led the way in terms of private

sector investments, but the area ‘east of East Street’ in particular - remains in a state of continuous decay and decline.

Pointing out that 95 per cent of Bay Street buildings between East Street and the Sir Sidney Poitier Bridge were in a “shameful state”, Charles Christie last year said the Bahamas’ failure to maximise downtown’s potential as an economic and tourist mecca was deepening.

“The fundamental problem is one of economics,” he said in a statement.

“The high land values, particularly on the waterfront side, coupled with the restrictive zoning make any land redevelopment proposals almost impossible to make feasible for financing.

“Considering the maximum square footage that can be accommodated under the present zoning, investment proposals are unlikely to meet the feasibility requirements for institutional financing. To turn around the situation and increase development immediately, new height restrictions (between 12 to 20 storeys) must be adopted to create more developable square footage.”

Gavin Christie, C. A. Christie’s managing partner, last year told Tribune Business there was “a lot of confusion” surrounding existing height restrictions in the downtown area to the point that no one was sure what the limits are.

He added that, “generally speaking”, persons seeking to redevelop downtown Nassau properties were limited to three-four storeys high for properties zoned either residential or commercial, and said: “There’s so much uncertainty.”

“It’s making it very tough, and almost unfeasible, for any developer to come in and take a look at it because of the cost of the land site. When a developer

starts to run the numbers, it doesn’t make sense because you are so limited,” Gavin Christie explained.

“A developer, investor or broker has to be 100 per cent sure as to what they are getting into, and what are the restrictions and issues. If I own or purchase this land today, what can I do? What is feasible?”

Zoning, and especially height, restrictions in downtown Nassau have been an ongoing concern for many years. Larry Roberts, Bahamas Realty’s long-time principal, warned that uncertainty surrounding the issue was impeding the area’s redevelopment several years ago.

Those concerns were also echoed by now-Cabinet minister, Brent Symonette, whose family has extensive real estate holdings in the downtown/Bay Street area.

He also complained to this newspaper that the thenChristie administration had failed to establish ‘the rules of the game’ for the area’s revival.

PAGE 8, Wednesday, February 14, 2018

THE TRIBUNE

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