Dart to take 50% of taxes
(CNS): Dart Realty (Cayman) Ltd will be taking a 50% share of all tourism taxes levied from guests staying in any of its properties for the ten years following the development, renovation or acquisition of any hotel under an agreement it signed in December with government. According to documents, leaked to the North Side MLA, Dart and its affiliates have also been given a 100% duty concession on all materials used in the development of anything for the next 30 years. The deal, which heralded the development of the Esterley Tibbetts Highway, includes some exceptional and unheard of concessions, Ezzard Miller said, as he showed CNS details of what appears to be snippets of a much larger document.
Among the many concessions that Dart can expect under this part of the ForCayman Investment Alliance, which deals with the West Bay Road projects, it will be allowed to keep half of the taxes it collects from guests staying in the hotel it intends to develop on the site of the former Courtyard Marriott or at any other hotel or tourism accommodation that it builds, renovates or even purchases over the next thirty years for ten years after the opening of that property.
Miller pointed out that the move to give a developer taxes that would normally go to general revenue is unprecedented in the Cayman Islands and has never been mentioned in any of the previous public revelations about the ForCayman Investment Alliance. “There is no precedent for anyone in the private sector collecting for, and then taking, a share from government taxes. I have never heard of the private sector being allowed to collect and take taxes,” he said.
He said this will mean many millions of dollars will be lost from government revenue and just the few pages of the deal that have been leaked to him suggest that the ForCayman Alliance is far worse than he had feared. “It is preposterous,” the independent member said of the deal, which has already been signed.
Miller said he has shared the content of the leaked papers with his legislative colleague Arden McLean, the opposition member for East End, both of whom say the entire document needs to be in the public domain so the people of Cayman can judge for themselves if this deal really is for Cayman, as has been claimed.
“We are appealing to whoever sent the pages of the deal that we now have, which includes the signature pages, to send us the full agreement if they have it,” Miller said. “It is very important everyone gets to see this as it seems there is even less benefit to the Caymanian people as a whole in this agreement than we first feared. If this is part of the NRA deal, which we are confident it is, then we have some very, very serious concerns about this.”
McLean said he was stunned by how much Dart has been granted in the deal.
“If Dart is, as we are constantly being told, really for Cayman, how can they demand so much?” he asked, referring to the three decades that the company will not pay any duty as well as the half share of tax the company will be taking from visitors.
He noted that such a potential reduction in revenue was very worrying given the government’s current economic situation, and the MLA raised concerns that if Dart is to purchase an existing hotel, a common speculation given that both the Ritz Carlton and the Westin could be for sale, government would lose an existing revenue stream as well.
“Local people will then have to make up that shortfall through other taxes,” McLean added.
The MLAs also questioned how the deal could have passed muster with the FCO, given that the Financial Framework Agreement signed by McKeeva Bush and Henry Bellingham last year says the UK needs to approve any deals government enters into which would impact public revenue streams.
“It is highly unusual for government to hand taxes directly over to an owner,” McLean added. He said Dart was already getting a massive 100% duty concession on all imports related to future development, as well as the generous stamp duty concessions, which he believed was sufficient to encourage any developer to make an investment. But giving him the taxes was a concession too far that he did not think the people of Cayman could accept.
Both men said that, given the extent of the concessions as spelled out in the schedule, it was very difficult to see any benefit to the community as a whole as government will now collect almost nothing from any development associated with Dart Realty or any of its companies for the next three decades.
“I have always questioned whether this was really designed to help the countryand Caymanians on the whole,” Miller said. “Of course, a few people may get some of the jobs but it seems Dart is getting too much and Caymanians are getting too little. These revelations do not calm what are evidently legitimate fears and we shudder to think what is in the rest of the agreement,” he added, as he appealed to whoever it was that sent him the document, who was obviously concerned as well, to send him the entire document.
The North Side representative accused members of the Dart team of being disingenuous about the ForCayman Alliance, as he said many important things are being kept from the people as deals are struck behind closed doors. He said Dart representatives continued to criticise him and make personal attacks, despite the fact that he had reserved his own criticisms for the deal rather than the people involved.
“Given what we have now seen, my criticisms of this deal are well-founded. This will not benefit Caymanians as a whole but it will certainly benefit Dart,” he added.
Category: Politics
This is a poor deal for the public purse without doubt but the worst thing is that such a deal could be negotiated and signed by the government without public consultation. That's just plain wrong in a democracy.
There seems to be a lot of people tha say they would rather have diret taxation then to give concessions to people like Dart and have so much development. I think we need to speak up about this so the CIG is aware that this is preferred by the people.
How many of you would actually prefer the government use direct taxation for revenue than rely on thing like work permit fees and foriegn investors.
Can Direct taxation help us keep Cayman for Caymanians.
These people who take tax as a bandaid, miss the whole point. Nothing is wrong with investors investing in Cayman. What is wrong is government's interferance in the market, giving entities special preveleges. Remember we already have tax – we call it indirect taxes like permit fees, duties, et cetera. So the remedy is not to add more tax. It is to allow our market or business community to freely thrive with less government regulations, costs, and red tape. And in order for that to happen, government must treat everybody in the business community the same way. Stop the favoritism, the cronyism, the special duties, and concessions, which in the long run ends up hurting the smaller businesses.
I think this comment is rather silly because it misses the point that the issue here is that this deal doesn't bring any revenue to the public purse at all. It appears to rely almost exclusively on trickle down and the hope that by having a new hotel development more people will come and eat in restaurants and buy t-shirts. By itself the deal won't really generate any significant revenue for government as government has waived the majority of the fees and taxes it would have collected.
What a disappointment. Pondering how they really justify such actions, guess they don’t think there will be repercussions.
Thank you Mr Dart for all the jobs you are creating in our beautiful country,
And the local jobs just lost at the stores closed by their mismanagement – other companies are still expanding and opening new souvenir stores.
For all our beautiful underpaid expatriates.
Dart may create a percentage of jobs for Caymanians. But when he fires you, tell me, who will you run to if he owns pretty much everything? If he should reduce your wage, tell me, who will you go to who has a better wage when he has had so much government concessions to close down all his competitors? Really, no offense but you are being a bit shortsighted in your evaluation about Dart. Government should be helping everyone and not a few big shots. That leads us onto the path of fascism.
Well, a few people in Greece committed suicide, after all. I guess some people's misery is another people's joy.
I would like to clear up some information regarding the Tourism Tax. Tourists pay this in addition to the costs of their room etc. I think it is fraud perpetuated on our visitors to tell them that you are collecting a Tourism Tax which is suposed to go to the government and keep it for yourself. That is the same as collecting gratuities and not giving it to your employees or collecting pension from your employee and not paying in the pension fund and it is also the same as collecting insurance from your employee but not paying the insurance company. The biggest fraud I see in this is being committed on our visitors. Basically, they are lying on their websites when they say they are collecting 10% government tax.
I was thinking the exact same thing. How is this legal not to mention moral?????
These people are lunatics.
Some said earlier in one of the posts, that Dart had this information on the website for sometime. The point however, is this – the people would expect their own government to educate them on what this deal is about, not Dart's website. It is government that should be enlightening the people and educating them on what is involved, that is not really Dart's responsibility, now is it? Might it be, that all involved are counting on, or hoping that, people will not bother to take time to go to Dart's website to see what this deal's fine print says, and counting on the fact that UDP will spin it publicly in such a way as to make things not so obvious to the general public as to what exactly is being given away? Could it be they are all counting on that, and hoping that the general public will listen to bare facts from the UDP spinmaster(s), and hoping the deal would slip through without much attention and after the fact they can say, "OH, but it was on Dart's website all this time?" If that was the ploy, it was genius, because it almost worked.
Course 101 in the “Blame Game”…..Who sits in the Legislative Assembly, pass laws, and sign these contracts??? CAYMANIANS!!! Who sells their land and property to Dart for premium rates?? CAYMANIANS!!!! Who is now complaining???……..Now shut up-grin and bear it!!!!!
Yeah, but it takes two to tango, bobo. Just as an example, consider these hypothetical cases – like in the Garden of Eden according to the Bible, there was temptation offered to Eve and Adam, but there was also a "temptor", aka the Devil. To take it a step further, in some countries, (and Cayman also, I believe), not only the person receiving bribes can be charged, but also the one offering the bribes. Now I am not saying this is what happened here, that's for the relevant authorities to evaluate. But the point is, there has to be incentives for someone to get up and do this, so yes, while Caymanians are 100% responsible for what is happening to their country and have no one to blame but themselves, you should not be so quick as to discount the power of the "incentives" that come into play.
In 2009, voters put their trust in the UDP. The UDP HAS BETRAYED THAT TRUST and must now pay dearly. The UDP MUST BE PUNISHED by both the law and the voters!
Can someone please list DART properties in Grand Cayman and DART properties to come soon in Grand Cayman. Thank you!
Now do all you lame brain ignoramouses understand why many of us TRULY INTELLIGENT CAYMANIANS have been petitioning left and right about what we know has been going on here and searching all in between the cracks for the hidden goings on and wheeling and dealing thats been going on under the tables and behind our backs????? Call us dumb, call us backwards, call us whatever you want…….we have been fighting to keep CAYMAN CAYMAN. Fighting to keep our homeland from being sold out. Fighting to keep it from being overrun by greedy developers who sleep with our corrupt and incompetent Legislature. Fighting to keep fair trade and equal opportunities for all here. Fighting to make you see all that glitters is NOT gold. Fighting for a better place for ALL of us …not just a chosen wealthy few. Thank you Ezzard for bringing this to light otherwsie we would all still be in the dark about yet another blatant abuse of power and lawlessness. NOW….how do you think Cayman will ever get out of debt or stay tax free when all the revenue for the next million years will be going to the Chinese and Dart. I for one would rather pay taxes to the Mother Country than to give more money to a XXXX like DART. OUR next petition may just have to be to boycott everything DART. EVERYTHING. No one who gives up citizenship to avoid paying taxes in their own country is a person of integrityshould ever be welcomed here, much less be given carte blanche to do as they please and make even more money off of us…….Fools for believing Dart is FOR CAYMAN!!!!! FOOLS!!!! Welcome to Dart Island and get in line to get your Dartian passport or get off your a$$es and help us petition for change before more damage is done. YOU can also start by voting YES on July 18th and voting out these morons in 2013.
Agree with you 100%, dear poster. More Caymanians need to wise up, get on board and become passionate for their country once more, and stop the giving away of their assets, selling out of their country, and their very livelihoods with it. Otherwise, welcome to Dart Fiefdom, or Kingdom – whichever pleases you – take your pick.
. and when will Mr. Dart become the Honourable Mr. Dart as well?
soon come
He hasn't recieved enough concessions to qualify for that yet.
Mac calls him LORD Dart …behind closed doors.
To all those holding up Dart as our lord and savior and the only way out for our future, please read this. Even with Dart being here for a while now, we still went through one of the worst recessions to take place globally, and some 4 years later, we are still neck-high in it ! And it will not get better anytime soon, if Europe's crises is not resolved soon. Dart couldn't do a thing to stop the worldwide recession from happening to us. You must remember, as long as the Dart group remains viable and highly profitable, they don't give a hoot about the rest of us, nor about fair play for a level playing field. In fact, with Dart here, it seems to have only gotten worse for the rest of us, in my humble opinion. His being allowed and facilitated by our government to take over / dominate certain markets, the inability of smaller entrepreneurs to compete with very deep pockets, aided and abetted by an inept / foolish government who makes things even worse for its own people and other local businesses by giving Dart group huge concessions, puts him at an unfair advantage – so while the rest of us crumble andgo out of business, he goes from strength to strength. I remember when small Caymanian business owners were running their own businesses, there were proud mom & pop stores almost on every corner. I could go into one of these shops and have a fantastic conversation with the proud local owners and that is what I truly enjoyed about Cayman – its authentic, native culture, not some over-built, over-priced replica of Miami or expensive stores that these developers seem hell-bent on hoisting on us! Now just last week, 2 companies right in Buckingham Square closed, 1 of which had been operating for 20 or 30 odd years. Why is Government not assisting those companies by helping them with concessions too? Or are they not important as Dart? There was a time when small businesses made up the backbone of this economy, and employed more Caymanians than the large companies put together. Who is speaking up, or standing up, for these small companies who have one by one, been extinguished not only by recession, but by a thriving competitor who has deep resources that no one can compete with?
Whe Dart gets ready to buy the Ritz he will be instructiong Mac to make it freehold not lease hold. And Mac will do so. But the golf course will be first. soon you will see it going free hold becaue Dart is involved.
The writting is on the wall. We will contiue to see tht money is, in fact thicker than blood.
Folks, my humble opinion is that ALL this was conceptualized in a MASTER PLAN way back when. I wouldn't be surprised if certain politicians and certain developers got together at some point in the past, talked about long-term development plans and then agreed to just bide their time, waiting for the most opportune time to strike and bring these backdoor deals to fruition. How else can anyone explain why an entity would buy up so much land right nearby to an existing dump, then proceed to plan a high-end residential community and new town center (that helped the demise of George Town, by the way), and not think about how the stench and sight of the dump would impact their development goals? And why buy up that land in Bodden Town? For what purpose? So the logical conclusion, for me anyway, is that they must have all collaborated on this sometime ago, drawn up THEIR plans for THEIR future benefit, and then voila, now is the time to hoist these plans on us.
Absolutely outrageous! This cannot be allowed
Mckeeva needs to resign- he cannot be allowed to delegate his responsibilities or abdicate his frigging job because he is incompetent! Minister of Finance who cant produce a budget. Minister of Finance who is “no financial expert”. A Minister of Finance trying to delegate collection of government revenue to a third party because he cant do the job.
RESIGN!!
What's the problemhere? CIG seems quite willing to sign over 60% of future revenue (cruise head tax / income from port berthing facilities and sundry upland facilities), on the Port to the Chinese for the next half century, and they already agreed to HUGE concessions to Shetty for what seems to be the next century (correct me if I am wrong), so if they want to give Dart 50% of the tourist stay-over tax dollars, on any development started within the next 3 decades and 10 years beyond that, as well as 100% waiver on ALL duties etc., why not? And why not hide it all from us, and put a different public spin on things, so we don't know about it until the deal is inked, dried, sealed and delivered? Why not take the easy way out? And while our esteemed CIG are at it, why not just hand the whole country over to ALL of them right now on a silver platter and just call it a day? What's the problem, folks? Move along, there is nothing to see here. (I am actually being sarcastic, folks).
Actually you are quite right. If CIG does not offer any incentives to major developer or investors, they will simply not invest here. Period.
I dont get why people people are so hard up on the duty concessions and development fees waiver, there are still other very tangiible direct and indirect benefits to CIG and the people of the Cayman with these profits.
One thing you can bet on though is that if nothing happens, CIG and the people of Cayman will get nothing. Better to get half of something than the whole of nothing.
While huge concesion are given to a few potential large investors — FCA, Shetty, Dart, China Harbour — the CIG is letting the local economy die. They MUST find a way to give incentives to Caymanian entrepreneurs and their small businesses; who pay their import duties and taxes in full, and employ locals for the long haul, and who buy houses, and cars and other consumer goods, which stimulates other local businesses.
The UDP know which side of their bread is buttered – the wealthy developer side. That's why they don't give 2 hoots to the rest of us who incidentally put them into power – no siree, them forgot all about us, don't need us again, they got the rich man on their side now, probably funding their campaigns too….we are just the patsy, the small fry, we not important. But guess what – come May 2013, their all gonna be in for a big suprise !
I'll say it again; seems only a TCI style takeover by the UK will help with the current foolishness going on here now.
I'd rather we could do it ourselves but it doh look so!
Tings nah well yah now dese days
lol… you mean a take over of government – not a TCI one which in my humble opinion is worse
I concur. TCI one is a takeover of the people… we need a takeover of the government and finances completely…. not dissolve our democracy
Halleluyah, I Feel a Fever coming over me, election fever that is. I see a spirit, the spirit of politics that is.
Ezzard, why let the truth get in the way of a good story eh?
This is really a none-issue. Even at 30 years out, how many hotels or developments can Dart really build in that time, 20 or more? I highly seriously doubt it. How many NEW hotels are viable in Cayman over that period of time? 3-5 maybe. Maybe. But nothing is written in stone by the hand of God. Nothing can guarantee that conditions will be right for them to build those hotel or developments. He is still building out Camana Bay, he might be just finishing Camana Bay in 30 years time.
This part of the deal does not mean anything if Dart CAN NOT or DOES NOT use it. Is Dart really going to flood the market with 5 star hotels within that time and sustain all that infrastructure at a loss? Probably not. I sincerly doubt that Camana Bay is even making a profit right now and more than likely not. Has he made enough from Camana Bay to pay back the investment he made in Camana Bay. Definitely, Absolutely not. In 30 years he maybe half way there.
The other MINOR thing is that people will still have to be employed to build/run the hotels and developments, food will have to be bought to feed the hotel guest/people, fuel will have to imported to fuel CUC to run the hotels, not all the materials will be imported, ie; local businesses with get business and import stuff as well, airlines/local tourism would have more business, all beneficial for Government/Cayman.
How is this a bad thing again???
Because even without it he is making a killing.
With it it's no longer a killing but a massacre. This is BLATANT STUPIDITY by our government. And you may have gotten your share of the Caymanian pie but I would like some to be left for our children.
Well said. I was about to answer this poster, but now I don't need to. Anyone who cannot see through this and understand this group's mode of operandi and how they have operated elsewhere and are doing the same thing here in Cayman, then it is either they work for this corporation, or they are party of the UDP gravy train. I just wish they would save their propaganda for the gullible fools out there, Caymanians are not as dumb as they all seem to think.
#1 I doubt he's making a killing. With what operating costs are in Cayman and the slow real estate market, he is probably making a relatively small return that is just barely covering costs. Sure the value of his land holdings will increase as a result of the deal but that means nothing if he can't sell the properties. Its only equity on paper.
#2 There is still, and will always be, a huge risk to Darts investments in Cayman. Whether or not his huge gamble pays off is yet to be seen as it has not paid off yet, literally speaking. What this deal does is reduce the risk, not eliminate risk, for further investments. That is good for us as well as Dart and Government as it gives Dart further incentive to continue investing in Cayman.
Bottomline is that nothing is guaranteed that Dart will ever be able to use the concessions that Government has given them. If they are able to, as outlined above, Government and the people of Cayman will still stand to gain from the deal.
Dart propagandists hard at work, I see. Let me put it to you this way, this so-called risk-taking corporation has done very well in the past, and I seriously doubt they would do so if there wasn't a certain level of comfort that their risks would pay off handsomely. So please spare us the rhetoric – Dart stands to benefit immensley, the Cayman Islands on the other hand, stands to gain very little in return.
13:39 it looks like money will make some people say anything, people like you are our problem, remember the other countries people like you raped, how much more do we take .
He hasn’t made his billions by being stupid. If he is investing he is making money. Its only mental midgets that think differently.
Why on earth do the itiots on this island refuse to understand that Dart is one hundred million times in a better position to take a risk on his own investment than the Cayman Islands Government and the Caymanian people? Where else on the face on this earth is Dart going to invest his money and have the Government take the risks? Is Beloved Mr. Dart going to repay the outrageous concessions to the Cayman Islands and the Caymanian people when his investment returns him hundreds of millions of dollars? I really don't think so. Anyone on this earth who thinks Dart is going to invest hundreds of millions of dollars in Cayman without being absolutely positively certain of collecting hundreds of millions in return seriously needs to have their head examined. Why on earth can the all loving Mr. Dart not leave the Cayman Islands alone with the measly fifty or one hundred million or so that rightfully belongs to the Cayman Islands? This is very simply and very clearly giving our country and our birthright away to a mega millionaire to make more mega millions from while we continue with a gowerment that cannot report a surplus. This is NOT good business sense, my Caymanian people. Is this setting a precedent for mega millionaires to come to this island to reap the incredible jackpot of our gowerment's stupidity, my people? I would say yes it most certainly is. We are forever doomed in this country if things to not CHANGE, my people. We need to politely tell Mr. Dart to shove his hundreds of millions of dollars if we have to bear the burden of the risk of his investment, and if we are not going to benefit in the same measure as he does. Fair is fair. Love is absolute bull crap, Cayman, and we need to STOP being misguided and trampled and decieved to death at the pretense of love as we have been doing in this country to our absolute and eternal detriment. It is time for it to STOP, Cayman. Cayman survived and thrived long before we ever heard of Mr Dart, and we can continue to do so, no matter WHAT he or McKeeva Bush says.
Yes Dart will make a gain on his investments but when????
When???????
Tonight? Tomorrow? Next Week? NO. Years and years in the future if not decades
Lets take Camana Bay for example;
Cost to date: roughly $800 Million, if he makes 5 percent annual return or $40 million a year it would take him 20 years to break even not taking inflation into consideration. Everything Dart does is long term including the return on his investments. Does anyone even realise how finance works. You put up huge amounts of capital to gain a decent return over a long period usually years and decades.
Where is the risk to Cayman and Cayman's Government?? Yes he has been given waivers for import duty and development fees, what about lawyer fees, what about auditing fees, what about utilities fees, what about architect fees? The only risk to Cayman is that Dart leaves us here for a better return on his investments and that is almost every other Caribbean country.
Nothing/Nobody has anything that will create long term growth for Cayman besides Dart right now and you want him to leave???
The real Beanie.
I suppose you haven't heard that Cayman's coffers are dry, bone dry… today, not tomorrow, not next week not years and years or decades in the future, Cayman's coffers, in spite of all the UDP"s glorious promises in order to get themselves re-elected in order to finish destroying this country, are dry TODAY. Did you get that? And that same UDP gowerment is now fattening Mr. Dart's wallet to the tune of tens of millions of dollars as a means of getting us out of the mess that we are in because of the millions and millions THEY have wasted. Yes Mr Dart will make a gain on his investments but when???? Who gives a flying f? Do you believe when he does he will say look Cayman here is the tens of millions of dollars I took from you in concessions way back there? Do you really think so? No we are not asking him to leave. We are askinghim to pay his duties like everyone else, including you, has to do in Cayman, and to deposit his head tax revenue into our Government coffers where it rightfully belongs. WHY on earth do some people seem to think that that is being unfair to a multi BILLIONAIRE who swears to God almighty that he LOVES Cayman is totally and completely and absolutely and utterly and eternally beyond me.
Your argument works only if the additional expenditure would not occur without the concession. For some of it, that is probably true. But consider:
a) Dart is already committed to developing Camana Bay – every cent of duty conceeded on that development is future revenue lost, as he would have been spending that money anyway – and that is a lot of development
b) ditto the development of the land he bought from Stan Thomas – you think that he would have just left it as hundreds of acres of mangrove?
c) if hewere to buy the Westin or the Ritz, the tourist tax concession is a straight loss of revenue that would otherwise go to government with no additional job creation or development.
d) as for the hotel being refurbished, whilst you can argue that if there were no refurbishment there would be no tax being raised on occupancy, note that the tourists that stay there have to be ADDITIONAL tourists – if Dart just attracts them away from the Ritz, Marriott, or Westin you just lose the 50% of tourist tax they would have paid at the other property, and he can afford to cut the room rate to take their customers because he gets a 5% rebate on it whereas his competitors do not!)
Its one hell of a good deal for Dart – one cannot help but wonder if its the best Cayman could have negotiated.
There is no wonder about it – it is the worse deal ever, one we have to give thanks to our brilliant minds running our current government who need a basic lesson in Economics 101 for Dummies. I would be happy to help them out with their education, but my guts tell me it would be a complete waste of time trying to teach the unteachable.
But why encourage a monopoly that could end up controlling our cost of living? Government should stay out of the market and allow it to compete, lowering fees, and providing incentives to all. Why show favoritism to some and raise fees and permits on all, causing businesses to close down and raise their prices on consumers. This is not GOOD! This is BAD for the country!
DART has poured almost a billion dollars into our economy in the last 8yrs. the guy makes almost as much money as quaker has oats. He has made his money back, his inetersts in Cayman are miniscual, a mere blip on the screen to what he has around the world.
DART can build, and in record time, if he wants to build it and buy it, he will, that is a fact.
Its scary to know that our Govt is giving it all to him.
Real Beenie one word for you , fool.
Well, I always thought the deal was too good to be true.
Nevertheless, I am surprised that Government has given up this much.
I am even more surprised that this info has been withheld from the Cayman people for so long.
Has anyone in Government calculated the potential loss in revenue to be expected from this generous deal.? The number of $millions would be interesting.
This administration and Dart have kept the people only "slighlty " informed. My guess is untill it its signed sealed and delivered. and maybe not even then, will the people understand just how badly they have been shafted.
The UK has to step in and stop this Mad Mac now before any semblance of Cayman as we know it is gone.
Calculated down to the penny however, until a collective conscious desicion is made for our country to penny pinch we will always be slave to the dollar.
Hold on. I believe I missed your point completely.
Where in the deal did you believe it too good to be true?
I think most who saw this even from the start believed Mr Dart to be getting far more than a good deal.
Let's look at what we know for instance…
1) West Bay Road situation – He was set to build a road to West Bay because he gobbled up tons of land between the end of the Bypass and West Bay and for him to realise VALUE he must have access to this property so HE NEEDED a road. So as a "Gift" to us he was going to build the road (that he needed) and in exchange we were to give him one of our greatest treasures in 7 Mile Beach Public Beach therefore closing access to this segment of the road and us having to go around his new property. This would allow his property to BALLOON in value to almost triple its previous value. He stands to gain some 600 million on his books. Kind of sounds like he is making off like a bandit.
2) BT Dump Relocation – So he has this mullti million/billion dollar property which is sitting by a dump which mind you was there before he bought his first piece of land. So he bought this property in BT for what a few million dollars and the equipment might run him maybe 50-70 million and then he "gifts" that to our government for land located in GT next to his property. Once this property is rectified guess what happens to Caymana Bay and all his other properties in the area? You get it. It raises in value and believe me he knows the value will be a lot more than he is giving us.
So in the end we get about 100 million or thereabouts and he gets anywhere from 600 million to 1.2 billion give or take a 100 million.
So I don't know about you but to me he might be making a tiny increase on his investment more than we are getting.
I guess the point I am making is he is making a killing even before this. Now we are looking at genocide.
So true. I can't believe people can be so gullible to allow this to happen. And don't let me get started on the current breed of politicians facilitating this imbecile act. The country sure is not gaining from it, so SOMEBODY or SEVERAL PEOPLE must be gaining some personal satisfaction from allowing this to happen. Maybe this should be the basis of investigation #..? How many is it again? I have lost track of the current number.
I'm going to watch The Godfather again. Maybe that will clarify tings.
Our National Hero, Hon. James Manoah Bodden, warned us many years ago that if McKeeva Bush was ever put in charge of the Cayman Islands that it would be the beginning of the end for us.
Years later the Hon. Charles Clifford made similar comments and warned us about corruption and how it was eating away at our society, country and finances.
To a large extent we crucified both of these gentlemen but yet history has proven them absolutely correct and we suffer as a result of not heeding their warnings.
The question Cayman is whether we have learnt anything or will we drink the kool aid again in 2013 ?
I say the time has come to rid this country of McKeeva Bush and his UDP puppets !!!!
Prepare the brooms Cayman !!!!!!!!!!!
Hear hear ! Remove the fox and his vixens and pups from controlling the henhouse !
Did Bodden really say that?
We are caught in a fix! Now that "a special deal" has been made between Government and Dart. Now that there is "a contract" for Dart to get 50% tax of all tourism accomodations. Now that we have made an agreement with Dart, what happens when the next Government refuse to fulfill this contract? Knowing Dart and what he has done to other countries like Argentina and Belize, he will more than likely SUE the Government! Thank you UDP for getting us into a problematic situation!
And why is the Governor and FCO Ministry in silence? Who muzzled the watchdog? How come the dog is not barking against this cronyism?! The clock is ticking. No cruise berthing facility and businesses in town closing down! Where is the GOOD GOVERNANCE they say they want for Cayman? Haven't they issued a new white paper to become more involved in our governance? Or, are they waiting for things to get so bad in order to justify a Turks and Caicos Island takeover of this country? Apparently, being mute raises serious questions on our relationship. They are not concern about average Caymanians. This is an elite deal, showing favors to a selected few, and we are caught in a serious fix with no dog barking. God Help Us.
The UK is not barking because they see the deal as a good one. The UK refuse to allow the Cayman Islands government to borrow and this puts a strain on the government. Hence, it is to their benefit that Dart pays for it. Nothing is for Nothing says McKeeva Bush, so he makes a deal and concessions with Dart in order to stimulate the economy and avoid the UK imposing tax. We can complain all we want, but we can't have our cake and eat it too.
No one is saying that the economy need boosting and stimulation, but the Premier's method is of the persuasion of trickle-down economix where he believes that if you benefit those on the top of the success ladder, they will in return trickle down the benefits to those on the low level. This is false, because those on the way top tend to hoard the wealth they attained, outsource jobs, and use it for their own ends. Giving to a few to benefit the whole, has never worked out well for average people; especially small businesses. If you want to generate the economy, you have to treat all everybody equal. No special concessions, no special grants, no special exemptions… all such things create an atmosphere for corruption to thrive and is dangerous for this and our future generation to come.
"…all such things create an atmosphere for corruption to thrive".
I thnk that's the point.
Wrong. The UK are very concerned, I am sure, because this is downright giving away our future revenue, and if our government coffers go dry and we can't pay our bills, guess who has to bail us out? The UK! Personally, my opinion is that the UK are biding their time, getting their facts together, before the hammer falls. I encourage everyone to go vote next week to make their voices heard, and give the UK the encouragement they need, and show them definitely that we are FED UP WITH THIS GOVERMENT AND SICK AND TIRED OF THE CRONY POLITICS!
How could a deal which will substantially reduce govt. revenues from the tourist industry for up to 40 years into the future be a good one?
Sam,I would rather have tax.
Agreed, because tax is applied to everyone. But concessions – only the rich gets those.
Then peopleshould make that clear to the CIG that they would rather have direct taxation then have these developments adn concessions.
CNS…. this would be something good to have a poll on to see if people would rather be paying taxes than have the government rely on things like Work Permit Fees and foriegn investment. Please consider it. Then maybe the CIG will listen and state preparing for direct taxation while the island still has untouched land.
Taxes would mean money for things like the schools, money for Cayman to by back land its people sold and development that are for Caymanians..
Rather, what you will have is taxation plus the shady deals! It would be a double wammy of trouble for all of us. There are other ways of getting revenue. If you tax, it must be a tax that will not hurt the banking and tourism sector, and it is hard to see that it won't negatively effect businesses on the island. Nothing is wrong with investors investing in Cayman. What is wrong is government interfering and giving them special preveleges. Remember we already have tax – we call it indirect taxes like permit fees, duties, et cetera. So the remedy is not to add more tax. It is to allow our market or business community to thrive without any government anti-laws and favoritism to a few big shots, getting in the way. UDP is speaks on the wellbeing of the economy, they are really meaning "the welfare of the elite." What I am talking about is the welfare of everyone being treated equal and left alone to invest.
UDP means Uncle Dart’s Party and Mac is the stool pigeon on the roof hoo hoo. we gave Dart the key to so called good investments well we’ll soon be paying direct 10% taxes mark my word. He’s a business man not Robin Hood so we better get used to paying him lots of money.
Direct taxation @ 10%?
Knowing Cayman it would cost the Gov. 10% to implement the taxes alone!
So it’s more like everybody will be paying 15-20% taxes…. to Dart that is!
Looks like Cayman is being run on a One Man No Vote system these days.
My Grand Father used to say! The worst thing you can do is to put an "IDIOT" in a suit and tie to run this Island, because, the day we do Cayman is ruined! Little did I know how prophetic those words were.
I cannot believe what I have read here this morning. McKeeva is now showing his true colors. We knew for years that he will do anything for an almighty dollar, but he is now giving away 50% of Tourist Accommodation Tax. That money is one of the mainstays for the Cayman Islands and has always been earmarked for the Government, but now we see more finagling with our little income. WHERE IS THE GOVERNOR IN ALL THIS? IF WE EVER NEEDED HIM TO STEP UP TO THE PLATE AND DISSOLVE THIS FARCE WE HAVE AS A LEGISLATIVE ASSEMBLY, WE NEED IT NOW. SOMEONE NEEDS TO CALL FOR HENRY BELLINGHAM TO REMOVE THIS GOVERNMENT FROM POWER IN ORDER TO SAVE THE CAYMANIANS.
He is doing exactly what the rest of us are doing.
Sitting back with a Gin and Tonic and watching the 'side show' head rapidly into meltdown.
Only thing left now is for Mac to make Dart a National Hero, with all his billions if he really cared about the state of this country finances he would pay all the duties to help get us out of this massive deficit.
One blunder after another. Dart and company has found a corral of jackasses in this government and are they taking them for a ride! What a golden opportunity. All they have to do is keep the fine print secret and let the UDP put the spin on things. Good thing the Governor asked for a value for money study. I just hope he holds them to task and ask them to explain that one. What a mess!
Ok no problem, no problem – this is great timing……Let's settle this ALL up on the 18th July – ONE Man One Vote!!!
I see a new ice cream shop on the dock that sells ice cream to tourists coming off the ships.
I wonder who built that and who owns this business?
Just wondering cause I think it is a good idea to capture a large market of hot tourists.
remember champion house. they recently made a new menu and up the price of small meal. small chicken was once 6 dollars now 8. a small peppersteak meal was 7 not its 9. i imagine now what the large meal is for chicken and peppersteak, but get my drift. they are uping their cost for food because they are very uncertain about the future.
one shop seh, too much locals lookin rice, not enough americano tourist…. so deh oping the potatoes
If Dart owns 20% of Cayman, where will any of future government revenues come from.? Interesting, Mark VanD said that the UDP gets it! I guess they do/or did! Incredible. There will be no way for government to dig their way out of this. Very smart people on the private side finally took advantage of the monkeys in suits. This is what you voted for………
The best way so show your displeasure at what McKeeva Bush is doing to this country is to vote YES on July 18th.
At least under One Man One Vote we are all, from West Bay to Cayman Brac, equal to Kenneth B. Dart!
So if Dart gets a chunk out of the Tourism Tax for the stay over tourists, and the Chinese gets all of the Tourist Tax for the Cruise Ship passengers what will Caymanians get?
OK Iget it – Caymanians will get what the Duck got!
Can someone please name for me all business or property which is currently owned by Dart?
Serious question, not a joke. Thanks Also, can I have a comment on the proposed public beach at the old Victoria House site? Could it be that Dart does not want cruise passengers or locals gathering next to his ritzy new hotel? Please enlighten me.
Don’t think this issue is going away any time soon assuming that Orrett Connor’s signature binds the Cayman Islands Government fully in the terms of the contract. If so, presumably even if we move to a PPM government next year, it cannot renege on the contract and, if it did, presumably Dart would be entitled to sue the CI Government – not the first time he has taken that sort of action.
Skeptical you are dead right. No one else spotted this . Well done ,
Orrett Connor? Isn't he past mandatory retirement age?
But doesn't something of this magnitude first require debating in the LA after full disclosure of ther terms of the agreement and require voting upon, and secondly wouldn't this require the UK's approval, in light of the fiscal framework agreement recently signed by CIG with the UK? Could someone clarify if this could really be binding on the country, without those 2 things happening first? Or am I being naive and is it that just 1 or 2 individuals can bind this country to something as significant as this without the usual protocols being followed? If this is so, then this New Constitution is really fantastic in the powers it allows. Unreal.
You are assumiing that proper process is followed. Since when did the UDp give a damn about proper process??
Mac must be stopped. UK where are you!!!!!!
All registered voters should make it their duty to show up at the polls on July 18 and vote yes to the referendum to show MAC and his croonies who is in charge. The one man one vote referrendum is the best way for us to show up in mass and show him who is the real boss, please people of Cayman dont miss this opportunity to come out and put the UDP on notice.
What do you expect?
The Cayman Islands Government has proven over and over again that it is both corrupt (politicians) and incompetent (civil service).
Letting a competent organization, like DART that has a proven track record of quality work, take on infrastructure projects for the good of the Cayman Islands makes a lot of sense. DART will build quality infrastructure for much less that the government can and it will actually get the work done. I think that this deal is a good deal for the people of the Cayman Islands.
The people merely have to swallow a bit of pride and admit that the people who are currently running the country are not capable of getting these jobs done.
Agree with you 100%
Most commenters here are missing a crucial point. How is government suppose to get anything done, if the UK stops it from borrowing? Dart is a great help. Should we get rid of Dart, I wonder where would be Cayman today?
My friend, I think it is you who are missing the point. Cayman can survive without Dart. The question is, can it survive with him?
It is you who is missing the point, my friend. Even with Dart here, we still went through one of the worst recessions to take place globally, and some 4 years later, we are still neck-high in it ! And it will not get better anytime soon, if Europe's crises is not resolved soon. Dart couldn't do a thing to stop the worldwide recession from happening to us. You must remember, as long as the Dart group remains viable, they don't give a hoot about the rest of us and even fair play for a level playing field. In fact, with Dart here, it seems to have gotten worse, in my humble opinion. His being allowed to take over / dominate certain markets, the inability of smaller entrepreneurs to compete with very deep pockets, and then an inept / foolish government who makes things even worse for its own people and other local businesses by giving Dart group huge concessions, puts him at an unfair advantage – so while the rest of us crumble and go out of business, he goes from strength to strength. I remember when small Caymanian business owners were running their own businesses, there were proud mom & pop stores almost on every corner. Now just last week, 2 companies right in Buckingham Square closed, 1 of which had been operating for 20 or 30 odd years. Why is Government not assisting those companies by helping them with concessions too? Or are they not important as Dart? There was a time when small businesses made up the backbone of this economy, and employed more Caymanians than the large companies put together. Who is speaking up, or standing up, for these small companies who have one by one, been extinguished not only by recession, but by a thriving competitor who has deep resources that no one can compete with?
Need we say who owns Cayman now???? To the ones who voted this party in you got what you deserve, to the people who didn't want this party in, sorry you didn't stand up for what you believe in!!!
Cayman started to sink the day Dart arrived here. Go check the date.
One thing for sure. He needs to be stopped from owning this island and it's people, and the single way to do that is get McKeeva out of gowerment, as a matter of utmost urgency.
Too late for that one, o to the ands and Registry office and look at the map of Cayman with ownership[ interests.
You wouldn't be suporsed to see that DART owns a huge amount of land in Cayman, in fact he owns the most.
You also wouldnt be too suprised to see how much land our leader or his real estate compnay owns…hmmmm.
Rumour hasit from a well heeled Britannia resident that Dat has bought the old Hyatt…has anyone noticed all the activity around there lately ??
They are buying Dis and Dat, lately.
And do I have to say "I told you so"!!!! and do I have to say "Greece"
This is a disgrace and to think I have to pay my custom taxes, when I shop in Miami and Tampa, if my bills go over CI$350.00 and these rich people here are getting everything for free. This is what I call suppressing your own people for the love of money. No way can these rich people get to heaven or through the eye of the needle. The Bible is so correct and now I see what they meant by that parable. We are all now awaiting the 25cent toll he will charge us to drive from West Bay in to George Town. Then we are also waiting to hear that they have bought the Elmslie Memoial Church to replace it with a liquor store. Dart single handly killed George Town, just so he could lure all the businesses in to Camana Bay. You should see the traffice that bottle necks by Camana Bay in the mornings and in the evenings, just so we can branch off there and shop. He killed the Cinema too remember that?!. He killed all the Jewellery business and the liquor businesses, just so he can monopolize the industries. All for the love of money….Vultures!!
unfortunately the fact is that he couldn't get all these things and more if we did let him BUY them all up, it surprised me when he is sueing other countries for the deat he bought and that poor county cannot afford to pay and its twice the amount he even paid… we are so eager to give what little we actually have that doesn't already belong to her Queen…
This is a slap in the face of any business owner here in Cayman who has to pay duty and taxes. This government is a joke and needs to be held accountable for their ignorance. They will hold up the man coming in from abroad likea thief for their 20% duty, but have waived duty on a huge million dollar project and giving them taxes which could benefit the Country. I would really like to know what other benefits the other Dart projects received. There needs to be some form a standard which applies to all businesses and developers here in Cayman. We need to get away from these back-door deals which only favour the rich as it is not for Cayman.
I've said it a few times before and will say it again. And I am serious. Someone, somehow needs to take Bush's passport before he high-tails. Governor? Police chief, group of concerned citizens.
But a wha di %%$$££((**& is going on in Cayman ???
Dart, a private, profit-making enterprise being allowed 50% of tourism tax revenues…in return for what ???
Upgrading his own hotel, built on road that's being closed so he can own it…and the adjacent part of the 7-Mile Beach ?
In return for a highway that will still benefit his hotel with easy, highway access from the airport ???
XXXX
What does that make this ForCayman Alliance deal then ?
And the Governor, the people of Cayman…and the FCO…and their Minister Harry Bellingham are just going to sit quietly by and let this all happen ?
What else has Dart been promised…premiership of Cayman, maybe ?
If this all goes down, along with the Bodden Town dump deal…Ken Dart will effectively own Grand Cayman !!!
mackeeva must go!!!
Didn't Dart's Mr. VanDevelede announce recently that they intend to build condos on the new beach site? Wonder who the real estate agent will be?
Cambridge Real Estate has been adding agents recently.
“There is no precedent for anyone in the private sector collecting for, and then taking, a share from government taxes. I have never heard of the private sector being allowed to collect and take taxes,” he said.
Treasure Island resort did this, remember?
Collected room taxes, but never turned them in to govt. Then, they were allowed to sell the resort without any lein or demands for payment.
BIG difference between a resort breaking the law and not handing in taxes and a developer being given the exclusive right to not hand over taxes.
Dart's PR employees or UDP's propaganda machine hard at work here folks. Muddy the waters, compare apples to oranges, obscure the facts, anything other than come out and tell the whole truth, anything to distract attention from and hide what they are doing behind the scenes.
Is it becoming any clearer, my Caymanian people, why Mr. UDP got millions of dollars to buy wotes so Mr. UDP can remain in power so Mr. Dart can continue to recieve tens of millions in concessions because both Mr. UDP and Mr. Dart loves us so very much, my people?
The concessions given to these two private investors are unprecedented in the history of the Cayman Islands. The shocking truth is that the Caymanian taxpayer will be shouldering the tax burder for Dart and Shetty for the next 100-years.
So it will be bootleg videos for me from now on as I cannot stomach setting foot on Camana Bay – even to watch movies from the only cinema on island (since the other was put out of business by Dart).
CNS: If you are aware of one, can we have a list of Dart owned properties, restaurants, etc so that the general public may be informed of which they may boycott.
People – there is power in #s – if we can collectively send out the message that we are not amused, by not supporting business owned and operated by this vulture – then please consider doing so. As no one seems to be listening to the wishes of the people, we must step up our opposition and affect the one thing that seems to get their attention – their almighty dollar.
Unna hear!?!?
I totally agree 1000% my friend.
OK so when you boycott Dart, dont turn around and say that Caymanians are not allowed on his property. and when he packs up and leaves you all to the CIG. Don’t ask where all the jobs went..
Oh please, he isn't going anywhere. He found a cow full of milk and he likse to milk dumb cows.
He has been feeding one particular "donkey" carrots and milk for quite sometime.
So you think he is here out of the goodness of his heart? I have one word for you to explain why he is here – TAX-FREE.
Do you remember the old cinema? It was crap. Screens had drinks thrown at them, chairs were uncomfortable, they were closed on Sundays…. they still had intermissions! I'm glad you're boycotting the cinema… I bet you're they type of person that brings a screaming 2 year old into an R rated movie and talks on the phone throughout. Stay away. Thanks
Poor thing. I am not the original poster, but obviously you are unable to give an intelligent answer to the poster's comments, and have to resort to name-calling. Such are the people speaking in favor of Dart, just hot air, no substance. You continue going and spending your hard-earned bucks to fatten up Dart group, okay? Feel better now?
I went to watch a movie the other day, there was rubbish under my seat where I originally intended to sit, around the floor, and in the cupholder of my armchair, so I had to move over to another seat away from that spot. Luckily the room was almost empty, I could pick, choose and refuse where I wanted to sit. It was obvious to me that their cleaners did not do a thorough job. Even at Camana Bay Cinema, people still bring their kids to watch and let them talk and disturb others, and the adults still refuse to turn off their phones or ringers or talk on the phone or to each other and show consideration for their fellow viewers. So what's your point, poster? These things can happen anywhere and they still do, because some people lack manners. That is not why the old cinema closed, the reason it closed is because they could not compete with ALL the attractions at Camana Bay, the new ambiance, the outdoor cafes, the stores, the water fountain play area for kids to enjoy themselves, the scenery, these things that helped to draw people to that area. But the price of their movie tickets lately, water, popcorn, is just unbelievably high, compared to what the old Cinema used to charge, so guess what, you are paying for all that ambiance in some way, shape or form. You think Dart don't know what they are doing? Masters of extinguishing competition, that one.
UDP = Unwanted Demonic Party! Now truer than ever. Boy, have we been screwed – yet again – by Mad Mac!!!
Now we see why they feel we should call them honourable for the rest of their lives!!
Careful, you'll insult them. That should be for the rest of eternity.
I scanned through the comments on this article and barely found anyone in support of the deal now. Not surprising – once dirty details become known…(and certainly this can only be the tip of the berg)…more will likely begin to question their support and flip-flop over to opposition of it.
Too little too late…
Sadly, for those of us who saw this coming, it is more frustrating to read the postings of former supporters who are only just beginning to see the light. Sorry my friends, your BS-odometer is faulty. We always knew this was never "FORCayman". it was FORDart and XXXX FORanyone-else-who-has-position-to-make-personal-gain…not you or me!
Marl road is buzzing – there is much more to be known and we the little worker bees are going to be the last to know. Did any of you REALLY think that this was about philanthropy?? Seriously?!? With UDPs track record for cutting deals that involve the most blatant conflicts of interest…!? Any country where the elected officials are driving luxury vehicles speaks to the true modus operandi of their mandate.
So stop your whining! You had a chance to stand up and be heard. But no! You wanted jobs and progress and development – well that comes at a price. The piper calls the tunes! No single developer can fix this country's economic woes. And certainly not overnight! Development can only carry on for so long. Jobs within that development are temporary. There have been no changes to the immigration policies – save the steps to INCREASE the term limits of imported labour… 1+1=…?
Your desire to see these things come to be is noble and right – but it must be an agenda item for long term development – not a wrapped and packaged return on investment by a developer whose sole reason for being is to…develop…ergo make $$$$ and lots of it!
Dart has a loooonnnnnng term plan – put in place a loooonnnnng time ago. Patience is a virtue and Dart has always known there would be maximum success if he/it waited long enough. The master plan was put into place long before a single inch of land was purchased. What we are all having a fit over is old news.
But I warn you – putting new wine into old skins will not fix anything. Cayman is at a serious and significant crossroads. We have elections coming up and a unique opportunity to dictate how they are structured next week.
If you have not done so before – please give good thought to OMOV. The opposition against it is infantile and clearly the desperate efforts of desperate men (and woman). If you are becoming concerned about the crazy actions of this government, you have but one chance to help steer it back on course before we are crashed onto the ironshore.
Do not wait to learn of the next head-scratcher move by the government. I assure you there are more to come and no doubt many down the line yet.
VOTE YES for One Man One Vote!!!
Then VOTE NO to UDP in 2013
i think you will find that people could have found this out at an earlier stage but the majority of noise was made about the road being closed / moved.
This comment might get thumbs down but the reality of the situation is our government does not have the money to do anything right now….it cannot even pay its own recurring cost and salaries. It therefore cannot stimulate the economy and it cannot borrow. It has only one option to stimulate the economy and that is by having more consumption and more development. Thats it.
How it does that is the question but it certainly means it must get foreign investors to come here and build something. Every other country in the world is trying the same thing at the moment especially trying to woo the super wealthy ones. And yes we will have to give up something to get something. So if it is to give up 50% of the fees that we would not get otherwise is that bad?
50% of something is a whole lot better than 100% of nothing. Folks you may not like Dart. Fine. You may not like UDP- join the club but let us not cut off our noses to spite our faces.
If you know some other Caymanian that can invest at this level I'm happy and prefer for him/her to do that. However If you do not want to be forced by the UK to pay income tax or property tax or VAT then think rationally on this. Find another political issue to rally around but if someone is willing to invest $500M in this country at this time I say proceed. And if the government has to share some of the fees from that activity that is fine also as long as it is a realistic share– I say go ahead.
We have to get over this silly party division that has beset this country in the last 10 years.
That is the Party line. You know it is Rape by very big money, I warn those who sow the wind will get the whirlwind.
You don't get it yet, do you? The surefire way to get us all taxed (except Dart) in the near future, is to let Dart go ahead with this brilliant plan. When our government coffers run dry because of a lack of revenues due to future income being given away willy nilly, and we can't reduce our budget deficit, then that shortfall in the coffers has to come from somewhere else i.e. us, the ordinary man and woman who has to pay ever increasing taxes and fees. Notice how this Government raised duties, fuel tax, work permit fees on us ever since they took power? And yet wants to give concessions to Dart but we the normal people still have to pay normal duties and taxes and fees? Dart owns the hotel on SMB, so he has to develop it regardless of whether or not the existing road is closed, regardless of whether or not he gets these government concessions, and he has to do so, or else he will lose his investment. That's what developers do when they buy a property, they develop it. And that road he is now doing as a bypass, is something he would have to do regardless, just to be able to access his property in the first place (which he is giving up some in return for the road closure). And the relocation of the dump is only benefiting Dart because they want to do the next phase of high-end residences and it will not do to have a dump in the vicinity. So it is better for them to contaminate a pristine location instead. Now our stupid-ass government has gone and given away our future revenues in concessions to Dart, supposedly because Dart is doing what he intended to do all along i.e. develop his own property. And all because he is throwing a few free tidbits at us under the table, like you would throw scraps to a dog after the owner has a magnificent feast? How is that smart? In this time when recession is kicking our ass, local businesses are closing, we need all the revenue we can get to balance our budget, this Dart group is here because of tax-free status, and now we giving away all the other normal revenues we are supposed to get from Dart? One of the richest, if not the richest, entities on this island? How is that smart? Maybe you should go back and learn Economics 101 for dummies.
Yes it will…because its plain wrong
Doing this will just make income tax etc more certain. Your attempt to claim this is (supply side) Reaganomics ignores the fact that in that case the stimulus also caught 100% of the income generated by the increased activity.
We are mortgaging our future tax receipts without also ridding ourselves of the future obligations that need to be paid. This looks all the more like a game of Monopoly where Dart has acquired the prime properties. No matter hopw many deals you cut to stay in the game for now those deals only end one way – the other guy takes it all in the end.
Mmm. Now it's all coming together. Have there been any recent sales of Condos at the Ritz to Dart?
At an above market value sales. 2 to 3 times possibly.
"Milk um" Dart.
Cayman,are you awake yet?
Interesting that the agreement isdated 15th DECEMBER,2011 and yet it has taken some seven months for a small part of this document to reach the public domain!
Come on Governor lets have a response,PLEASE.
It certainly speaks to the cunning, and arrogance of our government leaders and private sector.
How did we find oursleves here? The short and politically correct answer ofcourse is the global economic collapse. But, this answer does not offer justice to the reality. A reality that paints a picture of greedy corporations equipped with brillant minds, lead by law and fine print which peacefully advocates "more is better at whatever cost". The irony is that these "suited criminals" are looked on as leaders and role models. Bemusing is the case when we consider governments position in all of this.
The Cayman Islands government has granted concessions to the super rich and nothing to the middle or lower class business market. It advocates skewed equality and specific help(consider the list of waivers and the very specific companies who recieved them). This government is not interested in promoting oppurtunity, but is settin these islands up to depend on fewer employers. Speaking of employeers,this government has also unhinged our immigration gate; meanwhile, never taking the slightest interest to properly educate its own. After all, who else should a peoples government be interested in helping? Lets not even start with the premier's criminal investigation and district representatives working against voters(Dump Deal).
This is not to say that these islands do not need professionals or governments. These islands, like every and any country, depend on one or both of these to a healthy limit. The difference is the government which listens to the people, works in favor of equal progress and who is NEVER caught with its hand in the cookie jar. And, wouldnt I like to meet a professional who does not rely on fine print, anothers failure, or unpredictable markets to accumulate "success". It all seems very primative for the 21st century, but then again "ipad" does not have a morality app.
Thank god for CNS. I just read the Compass' article, disclosing what little they know of this deal, which basically are those few facts released to the Compass by Government. Of course, all the Government discloses are self-serving things that make it and Dart look good, but they don't disclose what we as a country will have to be giving up in return in this deal. It seems the Compass is used by Government whenever Government wants to put out certain information, but why the Compass does not insist on getting ALL the information from Government (i.e. what incentives we are giving away in return for the inward investments), beats me. Thank god for the CNS and their fearlessness when it comes to reporting things both good and bad, without fear or favor. The CNS report above, shows other items of the deal based on info provided by Mr. Miller, which was no doubt leaked to Mr. Miller by a concerned party within Government who is alarmed at what is going on behind closed doors. Thank god that we at least have some checks and balances with CNS, because if we had to rely on Compass for thorough journalistic reporting and who seem to only repeat verbatim what they have been told by this Government, we would all be in the dark.
This has been published by DART from last year. The full deal is found at website below
http://www.forcayman.com/blockbuster-deal-made
don’t bother to try and explain the facts to people who are not willing to listen to them….let them all get on ppm bandwagon and see them do the same thing if and when they are elected..
There’s and old saying that you don’t miss your water till the well runs dry….see what happens when dart decides to take his business elsewhere…
Really, he has other places he can go? So then, why not? Oh, I guess the pool of options is diminishing, wasn't that corporation already booted out of some central or south american country(ies) already? Haha. He found a bunch of nitwits that allow him to do just about anything, why would he ever leave?
Good pick up – well done …CNS take note of the risk of sensationalising 'old news in a new wrapper'.
HOWEVER… interesting to note apparent points of difference.
The release talks of $18M for community projects. Unless contained elsewhere in the Doc we only see the $5M that has previously been talked about including $2.5M for parks, community etc. On the other hand the NPV of the rebates allowable for 'anything' (yes CNS both the original document and the one provided here have a cap on this element) is substantially reduced. In other words this looks nothing like (NB not necessaily worse for us but not like) the much publicised (and published) deal so yes lets know more please.
Very plain for all to see then, so how come such a fuss now? Dont agree with it but too late now.
Might it be, that the Dart Group is counting on people not bothering to take time to go to their website to see what this deal's fine print says, and counting on the fact that UDP will spin it publicly in such a way as to make things not so obvious to the general public? Afterall, the people would expect their own government to educate them on what this deal is about, not Dart's website. It is government that should be enlightening the people and educating them on what is involved, that is not really Dart's responsibility, now is it? So could it be they are all counting on that, and hoping that the general public will listen to bare facts from the UDP spinmaster(s), and hoping the deal would slip through without much attention and after the fact they can say, "OH, but it was on our website all this time?"
So what?? Dart is not obligated to keep me informed the goddamned Government is supposed to – because I PAY them
The government is a good sourse of revenue for the Compass (CaymanFreePress), therefore they the compass keep things straightforward and avoid stepping on toes. Notice they are the only ones that government would ever put a job advertisement or public meeting annoucement in. The Compass has this player locked and does not want to get on their wrong side by publishing such true but despicable information. If they did they would lose that revenue.
Remember years ago when the Compass offices were seriously vandalized? Their reporting on policital matters seemed to change after that.
Well then, if the Compass doesn't have what it takes, or the guts to report without fear or favor or threat of vandalism, or loss of major advertising contracts, and lord knows what else type of victimization they fear, then they should get out of the business of journalism and reporting. These are serious times, my friend, and we need serious people as reporters, not those who whitewash, downplay, water down, or simply repeat what politicians tell them. We need investigative journalism with integrity.
McKeeva you are unbelievable!! How in God's name can you sell us out like this? Do you even care about us, your people? and you expects us not to question your actions. Jeez man, not one of these ventures or deals did you ever consulted with your people on and you would want people to believe that you represents US? Only a crazy man would venture in to such lopsided deals. Do you REALLY know anything about these VULTURES. Do you know what they represents? Why? Why? Why?
I, for one, am hereby boycotting Dart's enterprises and will not stay at any of his hotels. I will also encourage my family and friends to do the same, what they choose to do I will leave up to them, but suffice to say, any right-thinking individual would not support this voracious appetite for more wealth at the expense of the rest of us.
I am sure he will be happy not to have a hot-headed person staying there!
As if I needed your endorsement to do what I want. Yes, that's right, I will boycott, and am quite happy to take a stand against this nonsense, and I take it as a compliment being called hot-headed – because it means I care enough about something to speak passionately about it. You are free to go right ahead and spend your dollars with them – they thrive off clueless people, afterall. Google the other countries this group was kicked out of, for practices such as these, and how it destroyed economies in other places before the governments wised up to what they were doing – you might find it enlightening and a bit of an eye-opener. Then continue and spend your dollar enrichening this already extremely wealthy group. You will be the poorer for it. Can't say you were not warned.
I don't fault DART for seeking best terms – I fault our buddy for unilaterally negotiating and approving the deal (for 30 years).
I fault BOTH of them, one for giving away this country's future revenues, and the other for what some would deem as greedy capitalism at the expense of the country.
Good! Stay away from Camana Bay (such an awful eyesore afterall). Look at the complete picture pal…
I will have no problems staying away from Camana Bay. You, on the other hand, probably can't resists its "charms". Good luck to you spending your money over there. I will be saving my money and using it elsewhere.
I guess the thumbs up on this one is the few die hard UDP supporters?
I have already started to refuse to shop at businesses that I know to be Dart owned. The difficulty will be that unless the jokers who are currently trying to run the country rapidly put a brake on Dart's buying spree, pretty soon it'll be almost impossible to accomplish this : most businesses will in some way or another have been snared by the Dart tentacles.
Who muzzled the watchdog? Why is the Governor and FCO Ministry in silence? How come the dog is not barking?! The clock is ticking. No cruise berthing facility and businesses in town closing down! Where is the GOOD GOVERNANCE they say they want for Cayman? Haven't they issued a new white paper to become more involved in our governance? Look at what the two party system is doing to these islands – the United Dart Party and the Politicians Progressive Movement. Or, are they waiting for things to get so bad in order to justify a Turks and Caicos Island style takeover of this country? Apparently, them being mute raises serious questions on our relationship. We have a Premier that is all about crony capitalism, showing favors to a selected few big shots. And still… no dog barking!
don't expect the dog to bark when his mouth is full of bones
simple, because they realize that this is a good deal for Cayman…..After all without it nothing would get done and they would have to bail cayman out. Which they ain’t trying to do..
I have just 3 words to say "OH MY GOD."
IMPEACH BUSH!!!
impeach [ɪmˈpiːtʃ]vb (tr)
4. to challenge or question (a person's honesty, integrity, etc.)
disgruntled citizens' indifference to whether the official is forced from office by legal means or chooses to resign to avoid further disgrace.
Thanks Mckeeva for selling us out again, you just gave up revenues to someone that is worth between 3 to 6 billion dollars. Do you believe they really needed that? Get rid of McKeeva and all of his cohorts.
Is that Caymankind dollars? Caymanians weren't going to get any of it anyway. Or has that not sunk in yet?
Idiot. Through this agreement Dart can close down other hotels in which govt. loses the revenue from the room tax on them and gets only 1/2 of Dart's. If he redevelops existing hotels he also gets the 50% deal. Has that sunk into your thick skull?
He doesn't need it at all. That's just his way of showing McKeeva who's boss. Poor brainless Mac.
The government is broke – remember? The Cayman Government decided long ago not to collect income taxes… then it this recession and couldn't issue any more debt for economic stimulus, airport renovations, or even pay its employees. This all controlled by the fiscal responsibility pact it has with Brittain. So if you can't issue debt, you can go around the issue and go to the rich guy down the street and have him essentially finance your road expansion, cap an environmentally destructive landfill, and build a hotel that has sat empty for years. Is Dart getting a deal? Maybe. But certainly this won't be analyzed. Instead big "wow" numbers will be thrown around with the hope that Dart is stabbed in the side. Go for it… and see where this economy goes!
Could this the basis of Investigation #4?
STOP THE MADNESS…Dart gave 5million in one time gifts to the people of Cayman and in turn took 10million in concessions of taxes over the 10 year span and 20million in duty concession (conservatively) when building the new hotel and this doesn't even touch the other projects he is undertaking. Well we know who is going to pay for the lack of revenues its not Dart, its YOU and ME everytime we buy diapers for our children, food/clothing for our families. I fell like going to he nearest window and screaming "i'm not going to take this anymore". Stop the madness! Yes Dart's money is welcome but the playing field has to be level for all especially for an individual who's net worth in more than some countries GDP.
And the rich just keeps on getting richer and the rest of us just keep on getting screwed. Government is supposed to create a level playing field and foster economic growth for ALL, not for their select rich friends. This government brings to mind the term "Oligarchy" and why it is such a dangerous thing – it means in simple terms, rule by the rich. Wake up Cayman, you are going down a very slippery slope very fast, and when this island is ultimately controlled by 1 or 2 very wealthy entities, good luck to you trying to eke out a living for you and your loved ones then. Because he who gets special favors, concessions, and waivers that the rest of us ordinary businesspeople don't get, and he who gets special advantages over the rest, and he who is allowed to control much of this island's prime real estate and wealth, ultimately controls you and your future. I would much rather live in a country where Government is fair to ALL businesses, and gives ALL the same advantages – that is where you create a true competitive business environment and grow the economy in a healthy manner.
I am the biggest supporter of free markets there is and I am all for pro-growth and development. I have also been a big supporter of the Dart projects, but this story is disturbing. This has a more than a whiff of corporate cronyism, a disgusting Government/big business collaboration that is soley responsible for the dire economic situation the US and EU find themselves in.
This does not create a healthy environment for business growth and development when the ground is so favourably tilted in favour of one because of back-room deals done with Government.
There is little doubt that reducing duties, taxes and other Government fees creates more productivity in the economy. Taxes (or by whatever name you want to call them) are destroyers of productivity. That is not the point here. The point is that these tax reductions should be available to EVERYONE. Lowered taxes for all hoteliers and restauranteurs would also create jobs and economic stimulation.
If there was ever an argument for small, accountable, and restricted Government, this is it.
Who is John Galt?
That the same thing with this scheme that they have going on about fixing up people homes oh yeah they going be fix um up in a few months time you will hear Dart own 75% of the homes around here cause some of these people just need to hear the word money dont look at the out come it will bring. Fix my house up for ten thousand then Dart end up owning a property vale over hundred fifty thousand way to go. Wake up people .
DART could acquire Westin and Ritz and thencontrol pricing and run everyone else out of town. Nobody can compete with this deal for next 30 years. Great negotiators we have (sarcasm)!
If you think that is can't happend let me assure you it is absolutely possible. Dart has the means to subidize his projects and could lower rates to drive the other hotels out of business and in turn stop further development because of lower hotel revenues. We had this situation once before with the Yung's owing the Marriott, Westin and Courtyard and look how that turned out…Westin- Bankrupt, Marriott – Bankrupt, Courtyard-Bankrupt. They were the worse operator of hotels and ran down the properties till the were worthless and over leveraged. Had we had independent owners who invested back into the properties and practiced good business goverance this would not have happened. Marriott is the hotel that recovered and done amazing job with their hotel and have enhanced the tourism product. It is a sad day for the hotel sector and I will mourn its eventual demise. Where i once had faith in Cayman and its future now lays indifference.
Yep, this Dart group is known for snapping up properties cheap through fire sales – after they have been run out of business, of course !
The same way that the behaviour of some Americans, now with Caymanian status, caused the USA to rewrite some of their tax laws, is the same way I'm sure the authors of the various dictionaries will soon have to rewrite the definition of the word "Phlilanthropist".
and the word Honorable.
I certainly hope that the person who signed on behalf of Government has all the paperwork to ensure that doing so was legitimate.
This is in effect a huge untendered expenditure on the part of government. Where is that provided for in the law?
It would be very interesting to know how much money Mr. Dart has avoided paying in taxes since being granted the privilege of Caymanian Status. I think most would then agree that Mr. Dart and Company is not doing any favors to the people of the Cayman Islands, and that it is in fact the other way around!
Wasn't it also the UDP that granted Mr. Dart Status?
I guess you’d rather that money go to the IRS then get spent in Cayman…..Talk about looking a gifthorse In the mouth…
One man's feast (or in this case, country's feast), is another man's (or other country's) starvation. Because when all wealthy individuals deprive their countries of tax dollars, through ingenious tax loopholes, it means less money to run vital services, you know, such things as healthcare, fire services, police, etc? Or is it you don't mind as long as your country gets it at the expense of another? Talk about parasitical behaviour.
If this is any way a quid pro quo for any direct or indirect benefit gained by any politician then let the investigations begin – they are cheaper by the dozen apparently. I hope that if there is any such linkage then those with the information will refer the matter to the Governor and the anti-corruption commission.
Question:
Can we not calculate the amount of money that will be effectively lost to government coffers by way of these elements of the "ForCayman" proposal (amongst others) and use as a supporting argument for us (CIG / Cayman / the people) investing in our tourism industry instead?
(E.g. Buy or build a hotel with the ultimate aim of 100% Caymanian ownership, management, training, career development, staffing etc.?)
We are currently ranked as one of the most sought after destinations in the Caribbean / region, if not world. Our stay-over tourism figures are strong – even in the middle of this greatest ever global economic recession. Bricks and mortar are obviously not going to disappear into thin air, unlike dodgy pension investment schemes etc., therefore the "risks" of such a proposal should not be of any great concern. Furthermore, we are awash with financial institutions – this should not require a team of nuclear physicists to bring about in the Cayman Islands.
Just once I would like to see some degree of innovative and out-of-the-box thinking from our elected officials and policy makers.
Instead, all I see is the same old story year after year – but worst of all, actual Caymanians have never before been so disenfranchised within their own country.
In my humble opinion, an undertaking as mentioned above would go a long way in reigniting the local interest, prospects and respect necessary to ensure that our economy and socioeconomic standing does not go completely belly-up.
why dont the wealthy Caymaniaans step up to the plate and invest? Would you help them?
You are missing the very essence of my post.
You are thinking along the traditional lines of private sector ownership – I am not.
However, to answer your question – no, I would not help them as I am proposing a completely new approach to the situation.
I'm surprised that we were not instructed to address Mr. Dart as :
THE HONORABLE SIR DART RAIDER!
Wow. The next time McKeeva Bush asks me to "tighten my belt" due to the government's financial problems he can kiss my ass.
He can kiss mine already.
Anon 10:20
I hope youlet MacKeeva know what side of your face, that he has to kiss!
too many small town, small minded cave people around here to discuss this proposal properly……
maybe ask chamber of commerce for their opinion???
The same Chamber of Commerce that reportedly just recently accepted free flights and accommodations to the Panama Party at our (taxpayers) expense? The same Chamber that did not get some of their rich members to pay their way instead (afterall, this so-called "opening up of trade with Panama" will supposedly enrich their wealthy member companies), and instead willingly accepted our taxpaying dollars at the invitation of this totally inept Government which has run us up into further deficit and can't balance our budget and need to borrow yet more money? That same Chamber should be asked for their opinion? Excuse me for laughing, but that Chamber has long lost its credibility with me. Going back to the days when they accepted an all expenses paid trip from CHEC to visit Jamaica to view projects there, they lost all credibility in my book. Because he who pays your expenses, owns you.
rubbish… the chamber of commerce has recently come out agianst the government on omov and on the proposed liquor liscensing fee increases…..
The Chamber fully supports OMOV…has for over 10 years now.
Yeah, but they don't think it important enough to be declared a legal holiday so that all can go vote without hindrance from their employers, now do they?
Chamber didnt support because public holidays cost businesses alot of money (double pay for staff to work), loss of customers — when businesses are already feeling the pinch from all the increased fees (Mckeeva's 2009 promise of a balanced budget with $5m surplus)
I hear you, and I feel the pain of these businesses, but look at this way, if we don't stand a little pain just for a short time now (1 day), we will all stand much pain for many days to come, as this foolishness that is now happening must stop or we all going down the drain and it will take a loooonnnngggg time to recover from that. This referendum is so important, that all encumbrances should be cleared to allow people to vote freely. If there is one thing the Chamber should not take a stand against, this was it. They have plenty opportunities (and wasted them), to take stands on other vital issues that affect us all much more deeply.
So Dart is not "giving" anything to the Island. He isn't building Cayman a road, you are paying for it in istallments.
It's time to stand up and do what is right. What will happen if he buys all the hotels on the Island? No money for Cayman while Dart gets richer.
The good he has done on the Island is so he can take control…..just what is happening
I'm generally pro-Dart / anti-Mac but a couple of things worry me besides the competence levels of all involved. The big issue here is why didn't Dart tell us about this when they went onthe ForCayman charm offensive? If this has come out of the woodwork I wonder how many other things have been signed-off without the public knowning. Maybe someone should look into Windsor Development and see how their 'consulting' business is doing!
This has been public knowledge since last year! It was announced….its part of the $24M worth of initial concessions. Dart has to spend $415M locally to receive $43M in concessions later on.
But the terms under which they get the concessions, namely the number of years in which it is applicable on any project they undertake in the next 30 years I believe? And continuing on 10 years after the respective project(s)? And not only getting waiver on duties on imports, but also half of the tax dollars that normally accrue to Government? I don't recall these things being fully disclosed by this Government. That is the point.
I have always been a UDP supporter, although recently wavering, but this agreement with Dart has finally done it for me. This is a rotten deal for Cayman! The terms are absolutely in favour of Dart and bad for Cayman. Government will lose many millions of dollars because of it and we, the little man on the street, will have to make up the shortfall. I'm sorry Mr. Premier, but you have lost a die-hard supporter and I'll confirm that when I vote in the next election.
CNS: "three decades that the company will not pay any duty as well as the half share of tax the company will be taking from visitors."
Mr. Governor, you say you care for "GOOD GOVERNANCE" then why are you and the FCO mute to what is going on in this country! Your silence raising serious questions about our relationship! Or, is it, you want to take us over like TCI after the damage has been done and our wealth drained?
If you are CAYMAN'S WATCHDOG, HOW COME WE HEAR NO BARKING?!
I do appreciate the spy thriller angle of the story provided by the “leaked” documents and the appeal for the insider to come forward but the boring truth is that incentives for developers are nothing new and in fact are standard practice to get these projects get off the ground. Of course, the incentives need to be viewed in terms of the agreement as a whole to ensure there is an overall benefit to the country. It’s easy for those opposed to development to focus only on the incentives the government is providing and forgetting about the benefits received in return in order to strengthen their argument. The fact is this hotel in particular went out of business in 2008 and nobody was going to operate it again in its current form (refer to the Hyatt example). Therefore, everything that accrues to the economy from reopening this hotel at a much higher standard – jobs, tourism dollars, incremental gov’t revenue, purchases from local suppliers etc. – is 100% upside to the country. Even if viewing the hotel tax revenue stream in isolation – 50% of something is better than 100% of nothing which is all CIG is getting out of this property now.
…and this surprises who? The vulture capitalist strikes again. When do we wake up?
Finally a Caymanian developer is getting 100% duty waved. LOL
HEADLINE BREAKING NEWS " Caribbean Island for sale send bids to Big Mac ! "
Sorry, this one has already been purchased. Welcome to D. I.!!!
This deal is sinful.
If I was a resort on Seven Mile Beach I would be up in arms about this deal. It puts all other operators at a disadvantage and opens the door for Dart to take over all of Seven Mile Beach properties. With the tax and duty advantage he will have he can run them out of business and then pick them up at fire sale prices and get his "concession"s on those properties also.
This is plane and simple, Mac selling out our country to one entity.
Yes folks this "Donkey Face" does fear corruption. I hope the investigations are proceeding well and that the evidence will soon be there for the world to see. Justice must be done. I just hope it is not too late.
BOYCOTT DART AND ALL HIS COMPANIES!! Vote with your spending dollars.
The more I see "that" name, the more I avoid.
Overpriced -movies and snacks, special events, hurricane parking, any business in that complex, alcoholic beverages, store card / gift certificates, take out food containers etc.
I have always criticized the PPM and called them the Politicians Progessive Movement. But I would like to announce that UDP has graduated from being the United Dollar Party to the United Dart Party. Congratulations… We are moving in the right direction towards a precipice!
Mac = a BIG joke
Mark = a BIG joke
Jon Jon = a quiet joke
Ellio = a worse joke
Cline = a worse joke than Ellio
Rolston = a XXXX joke
You may think this is a joke but I see nothing to laugh at.
This is of the most serious nature.
Never, let me say this NEVER IN OUR HISTORY has there ever been someone who has done more damage to the Cayman Islands than has our current premier and I can tell him this and to his face. I WILL NEVER EVER EVER EVER CALL YOU HONORABLE. Honestly you could not even find that word in the dictionary if you tried.
Let's be clear all UDP Politicians. Your days are numbered.
PPM grow a pair. Your silence is DEFTNING.
Deafening.
Any politician who is taking any kind of a benefit in exchange for this deal ought to spend the rest of his life in jail.
Mac and UDP whine about the difficulty in finding new revenue streams for Government, while giving away revenue behind closed doors (to those that can truly afford to pay). They need to be soaked in the same BS that they try to pass on the public.
Government might not get the revenue, but you can be sure that someone is getting PAID!
OMOV is an excellent idea on its own, but the vote on 18 July is also an opportunity to show this sorry excuse for a government how we the people feel about them. If you care at all what is being done to this country then please take the time to vote.
oh I plan to! Loud and clear VOTING Yes! Wish I could vote 'Yes' FOUR TIMES
UDP = Uncle Darts Party.
All I need say is the name of it REALLY should be:
FOR DART ALLIANCE cause there is so little in it for CAYMAN.
I actually view it as the "For Kee Kee Alliance" as in my assessment nothing would happen without that consideration.
What I want to know is this.
The dynamite investigation and the company linked to it. Who are the owners of the Midland business providing the fill for the Dart road project and is Mr Bush linked to this in anyway shape or form. If so this whole deal needs to be haulted until investigations are done cause this is just outrageous.
Let's be clear here people this man is @#@ us.
This tax break on the rooms is millions of dollars over the life of the deal plus he's getting it on anything else he acquires or builds WHICH might be the main objective all along.
People this deal needs to be stopped. PLAIN AND SIMPLE. This has no value for money. This is Big Mac selling us down the river and only God knows what he gets out of it cause this is the MOTHERLOAD.
This is unfathomalbe why the government is giving away so much. I agree that we need further development within the hotel sector but what about the existing hotels that would like and need the same concessions. The earlier comments are true if Dart does buy the Ritz or Westin then where is the government revenues to come from? This is real possiblity and may happen sooner than later. We are giving away the milk, cow and the farm in one fell swoop. The AG needs to look at this and I bet he will flagged the whole agreement as overly generous and gives an unfair market advantage over the existing hotels. Already local restaurants are at a disadvantage over the Camana Bay outlets as some don' t pay rent and when not viable they are subsidized by Dart. How can small operators compete will such a huge cash reserve? I once thought felt that Dart was good for the island but now my tune has changed and will now boycott any establishments within Camana Bay and vote against any government who continues with these one sided agreements. I believe in free markets but this has gone too far!!
When you consider that "the government" is in effect one man with less than optimal attributes for a leader of a country, it becomes entirely fathomable.
Can we make that "with absolutely NO attributes" please.
There are plenty of retailers in George Town also owned by this company that should also be boycotted – Big Daddy, Blackbeards, Island Companies, Caribbean Canvas Company… These people are also being bailed out if they don't succeed and killing Cayman business in the process.
Transparency, accountability & honourable, – amongst all else Mac is now also responsible for changes to word definition, – not all negative though, he has also renforced the meaning of others like 'buffoon, incompetent, and delusional nitwit. . who is going to want to asume his role after the complete farce he's managed to maufacture from it. . .
I always knew something like this was behind all the huffing and puffing and the work that has begun without the full go ahead. "In good faith" LOL
But this really makes my stomach turn.
All this time I been telling you people Dart is only looking out for himself. Perhaps now you believe me?
The real problem is that no one is looking out for Cayman's interests. Dart has his interests, the politician has his personal interests but no one in that deal has our interests – the interests of the people of Cayman – in mind.
You are so very correct. The "For Cayman Alliance" has served it's purpose well.
NO, I don't believe you at all. Dart is just a business man, and all credit to him fo rthat, for improving our island. XXXX
Honestly, I am not surprised. If our premier thinks that this is a good deal for us, I would really hate to see what he considers a bad deal. Dare I ask what next? As for the ForCayman Investment Alliance, it was never designed to help Cayman. It is just smoke and mirrors. Sad to see that our premier just jumps on every chance to ruin our Islands.
Mac Dart, is there a difference? This government has sold us out.
Hopefully the next government will modify protocol so that deserving politicians can be eternally referred to as "less than honourable totally incompetent f@#$-ups"
What could possibly go wrong in a country where the finances are run by innumerate grade school drop out – hypothetically speaking of course.
Can we have a march again? I am ready.!!
There are massive tax expenditures here folks. In effect this deal has "spent" or given away millions of dollars of future government money without the approval of the LA. Mr. Auditor General and Your Excellency the Governor please review this to see if it is compliant with our laws and the undertakings of the government. Given the infrastructure expenditures that are always required by development, we already know that this agreement represents no value for money at all but perhaps you could confirm that as well.
COME ON CNS! Dont be so one-sided in your stories, intended primarily to rile up your readers. The reasons for these types of incentives rather than up-front incentives that most governments around the world grant to major projects, is that the incentives are only realized if the project is built.
Tourist taxes can only be realized if there are tourists there, which means these will only be realized ONCE THE PROJECT IS FULLY COMPLETED and actual tourists are occupying the property. With respect to the duty concessions, these are only realized when building materials are imported, which means the project needs to commence construction.
You need to revist some of your stories last week about UNEMPLOYMENT and realize that these projects will spurn employment and provide the youth of Cayman with opportnities in the private sector.
Where do you go to collect your check?
This is all true but if DART really wanted to help us us(and himself) he would not be seeking 100% waivers..
Ridiculous!!
Spurn? Are you sure that's the word you wanted?
“Local people will then have to make up that shortfall through other taxes,” McLean added.
OR PERHAPS THE GOVERNMENT COULD TIGHTEN THEIR OWN BELTS FOR ONCE?
whats the alternative??? at the end of the day there will stillbe a net benefit to the cig?
what are ezzards solutions?
Stop deflecting and answer the issue at hand, why don't you? Address what your CURRENT Premier is doing, not what the independent and opposition are doing, they are not the ones in power giving thiscountry away.
As long as the UDP is in power there is absolutely no hope for present or future generations in this country!
Thanks for letting me know! I will make sure NOT to stay at a DART owned property…Just like I do not stay at a Canadian owned property in JA.
What do you have against Canadian properties in JA? Should Canadians boycott Jamaica because some Jamaicans committ crimes in Canada?
Nothing against Canadians at all. When I travel, I want to stay at a hotel where the money (my money and my hotel tax) is going back to the people NOT to another country other than where I am staying or to some businessman who is NOT giving it to the country. I will not stay at a Canadian owned hotel in JA (and they have some big chains) I will only stay at JA owned and I WILL NOT STAY AT THE DART HOTEL in Cayman.
Please do not take offense this is just my humble opinion. I like to support the country/people where I travel and has nothing to do with crime rates….as that is another whole topic.
This would suggest an eternal title other than honourable should be attached to the politicians involved.
That's Mr. Dart's love for Cayman, folks. It's only just begun.
Yeah, the kind of love that you have to bend over and take.
There are real estate consultants and then there are "real estate consultants".
Vote to end this. Vote OMOV on 18 July.
So, here is a little more of the truth. No wonder Mrs. Doak would not say what it was Dart got for all their hard work in behalf of the "caymanian" people. Are you kidding me?
This govt is a bunch of loons. They have given away the port, the taxes and most of the so called revenue they claimed are going to be coming from these all mighty investors. The Shetty hospital deal have got concessions up the wahzoo as well.
So they want the little businesses to pay EVERYTHING and the big Investors to pay nothing?
I say bring on the TAX man that way we all have to pay. SMH!!
Look in the USA…the rishest pay the least taxes. You are just killing yourself man.