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PM intends to sell over 8k acres of Ambergris Caye #239935
06/06/07 07:24 PM
06/06/07 07:24 PM
Joined: Oct 1999
Posts: 64,115
oregon, spr
Marty Offline OP

Marty  Offline OP
PM intends to sell over 8k acres of Ambergris Caye

[Linked Image] It is unsigned and undated but the facts are all there in black and white. A Memorandum of Understanding (MOU) between the Government of Belize and an unnamed company represented by Allen O. Cage, Jr. has been leaked and this clearly outlines the governmentís intention to sell the 8,255 acres of land on North Ambergris Caye formerly part of Pinkerton Estates.

The MOU outlines the following (verbatim from the document):
Within seven (7) days of the signing of this MOU, the Company will deposit with the Central Bank of Belize, to the account of the GOB, a sum of US$2,500,000 as security for the closing of the transactions contemplated in this MOU within the period stipulated in clause 3 below, or such extended period as may be agreed between the Parties. In the event the GOB has fulfilled the obligations on its part as required by this MOU but the Company fails to close the sale/purchase of the Property as provided herein, the said deposit will be forfeited to the GOB.
The Company shall purchase the Property within sixty (60) days of the date hereof on payment to the GOB the full purchase price of US$25.0 Million (Twenty Five Million United States dollars).

As to what will be developed in that land, the MOU continues:
(i) Two 18 hole-golf course driving range, club house, and related facilities to maintain and operate the golf course and housing communities with a minimum of four thousand (4,000) housing units including single family detached, condominiums, town homes, and as otherwise determined by the Company in its discretion;
(ii) Tennis center; (iii) Resort and health spa facilities; (iv) Conference center; (v) Three hundred (300) single family homes and rooms constructed over water;
(vi) Two (2) marinas; (vii) One (l) casino; (viii) Four hotels/resorts with a minimum of two hundred (200) rooms; (ix) One hotel/resort with a minimum of four hundred (400) rooms;
(x) Water treatment facility; (xi) Waste management facility; (xii) Storage facilities; (xiii) Right and ability to dredge from off shore and in the lagoon area to form canals, waterways, building foundations, golf course and other development as required per the design plan;
(xiv) Electric generation facility; (with BELís agreement) (xv) An airport with a six thousand (6,000) foot runway expandable to twelve thousand (12,000) feet; (xvi) Equestrian riding facilities and trails;
(xvii) Rights and/or facilities to operate or offer traditional recreational sporting activities such as parasailing, jet skiing, kayaking, tubing, boating, fishing, diving snorkeling, food service, commercial vendors, and other uses consistent with Caribbean resorts.

As to an Environmental Impact Assessment (EIA), the MOU states:
The Company agrees that it will, at its own cost, carry out an Environmental Impact Assessment (EIA) for the Project, as required by the environmental laws of Belize. The GOB will render the Company all possible assistance in securing the approval for the Project from the Department of the Environment or any other Government agency.
However, it seems that this unnamed company has many more plans. The MOU states Subject to the agreement of the Social Security Board (SSB), the GOB will assist the Company to purchase from the SSB the additional 3,400 acres of land on North Ambergris Caye presently held by the SSB.
How about a Duty Free Shopping Center? Subject to the Customs Regulation Act of Belize and any existing contractual obligations, the GOB will favorably consider the grant of a license to the Company to operate a duty free shopping center within the Project.
Finally, the Government of Belize will render all possible assistance to the Company in securing all necessary approvals, permits, licenses and other authorizations in accordance with the applicable laws of Belize to enable the Company to commence and complete the Project within the time frame contemplated herein.

Whether this MOU will follow through or not, whether it will pass through Cabinet or whether the land will actually pass hands, we will know soon enough.

Re: PM intends to sell over 8k acres of Ambergris Caye [Re: Marty] #239937
06/06/07 07:33 PM
06/06/07 07:33 PM
Joined: Apr 2000
Posts: 7,057
South Texas
Chloe Offline
Chloe  Offline

Dare To Deviate
Re: PM intends to sell over 8k acres of Ambergris Caye [Re: Chloe] #239940
06/06/07 07:49 PM
06/06/07 07:49 PM
Joined: Apr 2006
Posts: 520
Don Greife Offline
Don Greife  Offline
8000 acres of Florida Canals. There goes the neighborhood and the $4 lunch.

I'll be happy to discuss my avatar with anyone who knows what it is.
Re: PM intends to sell over 8k acres of Ambergris [Re: Don Greife] #239943
06/06/07 08:33 PM
06/06/07 08:33 PM
Joined: Nov 2002
Posts: 2,448
Short Offline
Short  Offline
Corona Steve been talking again to those in power huh?

Live and let live
Re: PM intends to sell over 8k acres of Ambergris [Re: Short] #239948
06/06/07 09:19 PM
06/06/07 09:19 PM
Joined: Apr 2000
Posts: 8,868
SP Daily Offline
SP Daily  Offline
Laugh now, Cry later!

Re: PM intends to sell over 8k acres of Ambergris [Re: SP Daily] #239951
06/06/07 09:27 PM
06/06/07 09:27 PM
Joined: Jan 2007
Posts: 395
beachbumin Offline
beachbumin  Offline
Yo Short. That is what I was thinking. Maybe Corona Steve was merely ahead of his time. No doubt we will need the Corona hiway or monorail to access the 2 golf courses, multiple marinas, and 5 hotels. With a runway that is over a mile long, surely Tropic and Maya Air must be quaking in their flip flops. When pigs fly.

Re: PM intends to sell over 8k acres of Ambergris [Re: beachbumin] #239955
06/06/07 10:09 PM
06/06/07 10:09 PM
Joined: Jan 2003
Posts: 7,479
SimonB Offline

SimonB  Offline
Another destined to fail venture just like all of the other grandiose schemes that I've seen up and down the coast of Belize since I arrived. The buyer will default, the lands will be seized and it'll start all over again just like all the others.

Re: PM intends to sell over 8k acres of Ambergris [Re: SimonB] #239956
06/06/07 10:15 PM
06/06/07 10:15 PM
Joined: Apr 2000
Posts: 8,868
SP Daily Offline
SP Daily  Offline
Thats the best case but what if a "buyer" actually begins to "develop" that land?

Re: PM intends to sell over 8k acres of Ambergris [Re: SP Daily] #239980
06/07/07 08:11 AM
06/07/07 08:11 AM
Joined: Jan 2003
Posts: 7,479
SimonB Offline

SimonB  Offline
Starting development doesn't mean success by any means. Take a drive down the Placencia penninsula for some great examples. You just hope they don't trash the environment and then walk away. ??

Re: PM intends to sell over 8k acres of Ambergris Caye [Re: Marty] #239984
06/07/07 08:24 AM
06/07/07 08:24 AM
Joined: Mar 2001
Posts: 2,690
Illinois, Arkansas,South Dakot...
bywarren Offline
bywarren  Offline
Another question: assuming the worse that this land will actually be sold, Where is this money going from the sale of land owned by the Belizean people?

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