Dart backs out on NRA agreement talks

Dart Realty [Cayman] Ltd. has backed out of further talks with the Cayman Islands government on a proposed “third amendment” to the National Roads Authority agreement.

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.
 

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5 COMMENTS

  1. Dart people realize that the deal has become a political football and every politician is trying to show how tough they are in dealing with Dart.
    In 3 weeks there may be different players and the silly season will be over.

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  2. This may not be good. I really hope the golden goose is not thinking about flying north. I wouldn’t blame him. Perhaps someday some of you will realize just how lucky you are.

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  3. The Dart folks are most likely sick of dealing with the current negotiators nonsense and just decided that it would be better to wait until after the election. It’s clear that this whole thing has been used to gain political points for a lot of people, saying what they will and won’t do if they get into office. I for one hope that this choice does allow the report to get out prior to the election so people can know that facts before the go to the polls. If this report does show that Cayman is getting a good deal a lot of people will have to eat their words, but it probably doesn’t really matter much because they will just say that the report was fake or doctored up.

    Mark my words, no matter what these candidates say against the deals with dart after the election whoever wins will be right on his doorstep looking to make a deal, and it won’t be much different than what is already in place. All the tax reductions that have been promised will disappear and I would also like to see how the promises to cut unemployment by more than half within 90 days will pan out. As far as the dump goes, one of two thing will happen, the location gets moved to BT or it stays in GT just to keep growing because all that will happen there is more dumping on top of MT Trashmore..

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  4. How come it is that Caymanians think that after a deal is done you can go back and renegotiate.
    In the real world this is not how its done.
    The deal is the deal.
    So young people pay attention. When you enter into a contract or agreement with another person that is the deal you struck and it is binding.
    And old people pay attention. perhaps things wouldn’t be so messed up and more investors would come if you didn’t keep changing the deal half way thru.

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  5. As Mr Sanford said, this is quickly becoming the reputation of the Cayman Islands Government. That a signed contract with them is not sound and can quite possibly be thrown out, reneged on or changed on the whim of the CIG. This is another example just like the Ritz. The world is watching, look at the scoreboard as to how many deals with the Cayman Island Government have fell apart or been reneged on, who is going to want to take the risk of a Public Private partnership with any entity who’s word has no meaning..

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