Wednesday, September 28, 2022

PM Addresses ‘Misinformation’ Regarding Cabot Project

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Prime Minister Allen Chastanet has addressed what he described on his official Facebook page as ‘misinformation’ regarding the Cabot project in Saint Lucia.

The PM’s post on Monday is reproduced below:

There has been quite a bit of misinformation circulating about the Cabot Project. These are the facts about the project:

1) The location of the Cabot Project at Pointe Hardy has been privately owned since the 1970’s

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2) In 2007, Raffles Hotels & Resorts received DCA approval to develop an 18 hole golf course and luxury villas, condos and estate lots spread out over 360 acres

3) Due to the Financial crisis of 2008, the Raffles project experienced challenges and by 2012 the Bank of Nova Scotia through the appointed receiver began searching for a sale for the project

4) The initial cost of development for the Cabot Project is US$92 Million or EC$250 Million.

5) Upon full completion of the Cabot Project approximately EC$1 Billion would have been injected by the developer into the project which includes the infrastructure, amenities and 300 estate homes

6) Upon completion of the project, Cabot expects to employ 500 Saint Lucians in addition to the several hundred jobs which will be created during construction

7) The loan agreement between NIC and Cabot is for EC $27.5 Million which represents only 11% of the initial investment amount

8) The loan to Cabot is 100% secured by the 360 acres which the project sits on. (If Cabot were to default on the loan repayment, NIC would own the 360 acres)

9) Cabot has a strong track record of ensuring Environmental protection and has been certified for doing so by the Audubon Certified Cooperative Sanctuary for Golf. Learn more

10) Cabot has committed to keeping Beach access Public and will also be improving the amenities and facilities around the beach

11) The Government’s renewal of the Cabot Lease, previously held by Raffles St. Lucia, for certain parcels of land deemed Queen’s chain does not include the adjacent beaches (Donkey, Secret, Cas en Bas Beaches, etc.). All beaches remain public!

12) Cabot continues to work with the Government of Saint Lucia and the existing businesses in the proposed development area to find workable solutions to preserving these businesses and jobs, including, camping, fishing, horseback riding, restaurant and bars, including Marjorie’s Beach Restaurant and Bar.

13) Cabot has committed to working with the relevant agencies to preserve historical and archaeological finds in the area and stands ready to enter into an agreement with the Government of Saint Lucia or its assigns on this.

14) The golf course will not use water from the country’s fresh water supply and will rely of rain water harvesting combined with the use of drought tolerant grass

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Editorial Staff
Editorial Staff
Our Editorial Staff at St. Lucia Times is a team publishing news and other articles to over 200,000 regular monthly readers in Saint Lucia and in over 150 other countries worldwide.


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