The Cayman Islands Airports Authority has released the memorandum of understanding it signed with the Canadian government’s contracting agency to redevelop Cayman’s two international airports.
Premier McKeeva Bush revealed details of the agreement at a Legislative Assembly meeting last week, but said it was up to the airports authority to decide if the document would be made public.
The memorandum of understanding, consisting of 12 written paragraphs, was published by the Cayman Islands Airports Authority on its website Monday.
Signed by Richard Arch, chairman of the Cayman Islands Airports Authority board and Donald Olsen, director of business development and sales for the Canadian Commercial Corporation, the agreement outlines that any proposal made by the Canadian Commercial Corporation would be kept confidential by the airports authority until the negotiations are completed.
Under the agreement, the corporation will have the exclusive right for six months from 1 August, when the agreement was signed, to carry out due diligence for the proposal and to carry out negotiations of construction and concession agreements for the project.
The memorandum of understanding is not a binding document.
Few details, such as a potential timeline for when work may begin or the extent of the redevelopment at Gerrard-Smith International Airport on Cayman Brac and Owen Roberts International Airport in Grand Cayman, are included in the document.
The Cayman Islands Airports Authority’s business development and marketing manager Caren Thompson-Palacio said the project was still in the “initial stages and no details have been resolved at this juncture, such as groundbreaking, cost, priority areas, contractors, etc,”.
This memorandum of understanding is the latest of several that have been signed or considered during the past year or longer.
In June, Premier Bush announced the government’s intention to enter into a ministerial memorandum of understanding with a local company to create an oil refinery that would process 6,000 barrels of crude oil a day in Cayman.
Also in June, Mr. Bush announced a memorandum of understanding with the Beijing-based China Harbour Engineering Company to build or expand port facilities in George Town, West Bay and Spotts. This was the third agreement signed since April last year on the port project – one was signed with Dart Enterprises Construction Company, known as DECCO, in April 2010 and a negotiating agreement was signed with GLF for the same project in December 2010.
In July, Mr. Bush announced the signing of an agreement with Cayman Enterprise City Ltd. to establish of a knowledge-based special economic zone of a 500,000 square foot campus consisting of Internet, media, biotech, commodities and international academic parks.
In April 2010, the government signed an memorandum of understanding with Indian cardiologist Dr. Devi Shetty to build a 2,000-bed medical tourism hospital in Cayman. Several local laws have been changed to pave the way for that project.