**Rt. Hon. Perry G. Christie, M.P.**
The Bahamas Government has signed a “Heads of Agreement” (HOA) for the largest resort community project ever to be undertaken in The Bahamas – a mega $3.7 billion project to be located in West End, Grand Bahama. The HOA was signed with the Ginn Company as part of what the Rt. Hon. Perry G. Christie, Bahamas Prime Minister, described as *”a remarkable partnership”* for the unprecedented revival of the economy of Grand Bahama.
Said the Prime Minister, *”My Government is about positive transformation and about empowering The Bahamas and our people. One of the main priorities of my Government has been to revive of the economy of West End and to do it in such a way that we would lift the economy of the entire island of Grand Bahama.”* The island has been impacted severely by three hurricanes within 15 months – Hurricanes Frances, Jeanne, and Wilma.
The development will promote a new era of economic progress and prosperity for the island of Grand Bahama and is expected to usher in the re-development of West End into one of the most attractive tourist Meccas in the entire region of the Americas.
The Ginn Company is headed by Mr. Bobby Ginn and backed by the Adlers Group, a respected and well known financial institution in the world of international business. Ginn is one of the largest resort community and real estate developers in the Southeastern United States, with additional communities under development in Colorado and the U.S. Virgin Islands.
The Ginn Company has acquired the extensive Sammons holdings at West End comprising almost two thousand acres and has committed to carrying out the multi billion dollar world class mixed use resort. The overall project consists of:
• 4,400 Condominium/Hotel units
• 870 Single family residential home sites
• 2 Championship Golf Courses and Clubhouses
• 2 Large Marinas
• A private airport
• A Casino
• Swimming Pools and Water Park Facilities
• Tennis Complexes
• Beach Clubs and Spas
• Various commercial undertakings and retail businesses which will be operated by Bahamians
**Broad Impact on Economy**
Prime Minister Christie pointed out that over a twenty year life it is estimated the project will inject a cumulative GDP contribution of over $4 Billion into the Bahamian economy. It is also projected that during construction over 3,700 persons would be employed and upon completion of the project over 4,000 new jobs would be created. *”In return*, he said, *” the Government has agreed to grant reasonable and appropriate concessions to energize this mega and unique investment.”*
A very important feature of the partnership between the Ginn Company and the Government is the integration of the re-development of the neighborhood of West End. A private foundation will be established to undergird the innovative initiative. Based on Ginn’s estimated developer sales, there would be a contribution of approximately $3 million at the first sales launch, with additional funding being made by Ginn to the foundation over the life of the project.
Prime Minister Christie concluded, *”This project and the way it will be managed is a clear manifestation of confidence by the developers in the economy, Government and people of this nation. The Government will work closely with the developers to ensure that both the future success of the project and the fulfillment of all obligations is in the best interest of the Bahamian people.”*