I read with great interest your recent special report on development concessions in the Cayman Islands. While I generally feel the less government involvement in these things the better, there are times when concessions can create a real public benefit.
For example, trying to manage beach erosion on Seven Mile Beach by granting concessions to redevelopment of properties using managed retreat by increasing ocean setbacks would make sense. Obviously, infrastructure, schools and hospitals are other examples of clear public benefit.
What is less clear is the public benefit of the economic stimulus created by private business and housing construction. These deals need to be made public, along with supporting data to show a substantial net economic gain for any such deal. Deals done in the dark invite cronyism.
Russ Barlow
Related Videos
