The National Roads Authority agreement is the accord that allowed for the recent closure of the West Bay Road and extension of the Esterley Tibbetts Highway into West Bay.
The third amendment to the agreement that was being discussed would have allowed for the widening of the Esterley Tibbetts Highway in a two-lane section through George Town and land transfers to the government from Dart in Smiths Cove and Barkers.
According to a statement released Wednesday afternoon: “Dart Realty expects that by withdrawing from negotiations on a third amendment, which has delayed the finalization of the independent review begun by PricewaterhouseCoopers in March 2012, the public will quickly be provided with the results of the Independent Review as well as the release of the executed NRA agreement, and the First and Second Amendments [to that agreement].
“Dart Realty remains supportive of the new components in the proposed Third Amendment, which includes the widening of the southern portion of the [Esterley Tibbetts] through Camana Bay to the Butterfield roundabout, and land transfers to government adjacent to Smith Cove and Barkers.
“Dart Realty does not believe discussions on the Third Amendment should hold up the finalization of the independent review any longer as the components could form a separate agreement between government and Dart
Realty at a later date.
“We believe that the public should be informed of the results of the independent review as soon as possible, particularly in the context of the significant progress being made on the main projects and in light of the upcoming election,” said Dart Realty Chief Operating Officer Jackie Doak.
Dart Realty indicated it was optimistic its decision will expedite the completion of the independent review and the public release of the results.
The company said it would continue to fulfil its obligations under the executed NRA agreement.