Although components of this agreement were part of the heads of terms signed with regard to the “mega deal” between Dart Realty and the Cayman Islands Government earlier this year, the main agreement has yet to be executed.
However, this week’s agreement – approved by Cayman Islands Cabinet members – stands alone from the main agreement and allows for the closing of a section of West Bay Road, the completion of the Esterley Tibbetts Highway to Batabano Road in West Bay, and the redevelopment of the former Courtyard Marriott Hotel.
Dart will pay an estimated US$35 million to complete the road infrastructure and will be allowed to recover $24 million in concessions. However, to get that amount of concessions, the Dart Group will need to continue to invest and develop in the Cayman Islands in excess of US$350 million.
Dart Realty Chief Operating Officer Jackie Doak explained why the deal was signed before the main agreement.
“Government and Dart are acutely aware of the immediate need to get Caymanians back to work and signing the agreement in advance of the ForCayman Investment Alliance agreement allows projects to start, which will do just that – get Caymanians back to work,” she said.