CIG $20m down on Dart deal

| 11/05/2013

dart.jpg(CNS): Government has finally released the full value for money report conducted by PricewaterhouseCoopers and the controversial agreement it had with Dart Realty and the National Roads Authority. After months of secrecy, all of the documents are now in the public domain and posted below. Although CNS has not yet had the opportunity to study the documents, early indications show CIG is down $20 million in the short term. The much anticipated deal and reports were released late Friday afternoon, as announced by the minority government on Thursday. They include the details of the third amendment, which was never agreed to after Dart pulled out of talks this week.

The report from October 2012 considers the value-for-money impact of the NRA Agreement and two subsequent amendments in April and July last year. The second report from this month details the potential value-for-money impact if that third amendment had been agreed.The overall findings with respect to value-for-money are summarized in Section 9 of each report.

CNS has not yet had an opportunity to examine the reports but was keen to ensure readers could see the documents as soon as they were released. We will be taking a closer look and post relevant reports this weekend. In the meantime, the public can themselves begin to examine the actual deal, the subsequent agreed amendments, government's failed amendment and the view of local consultants PWC regarding value for money.

Presented with all of the documents, the people of the Cayman Islands can then decide if government's controversial partnership with the islands' most powerful investor is a good deal for the country.

See all of the documents below.

Print Friendly, PDF & Email

Category: Local News

Comments (114)

Trackback URL | Comments RSS Feed

  1. Anonymous says:

    It is TOO LATE, Cayman.  You have entered into a marriage with DART and he has the "pre-nuptial" agreement.  You get screwed and he gets to keep everything.

  2. Anonymous says:

    To those who are spouting "where would Cayman be if it weren't for Dart", tell me this:

     

    Where was Dart in the 70's, 80's and 90's in Cayman? Cayman does not need Dart, as much as Dart needs Cayman right now. Where else can Dart go to have such stability, value, and peace of mind with his investments?

     

    Those who say otherwise are blinded by the fundamental illusion of power in the Slave Master vs. Slave(s) relationship.

     

    In that relationship, although the Master wields a whip which i thought to control the Slave(s), it is the Slave who has the power yet he does not realize it. The Master needs the Slave more (than the Slave the Master) because, without the Slave (or any Slave), the MAster would not achieve economic success. Either the Master is too lazy, or the work is too great for one person, or the Master believes he is better than the Slave.

     

    For a time, the Slave is afraid of the whip that the MAster has in his hands, but once the Slave(s) overcomes that fear, and realizes that the whip has no power, and thus the Master has no power, then the Slave discovers his own true value and power in society.

     

    After this discovery, equality, respect and harmony will follow.

    • Blah says:

      Uhum, schuckums, and fairies are real – discovery , equality, respect and harmony will follow???  Ha ha ha ha ha  Maybe in Wonderland, definitely not in the Cayman Islands. 

    • Anonymous says:

      You are a SLAVE to the cause.

      Listen up. in the 70's, 80's and 90's we had booming economies and unprecidented personal wealth growth. Now in the 2,000's to 2030 the world will start to tax their citizens as much as possible to pay for the social wellfare programs they have to support and an aging population.

      The hand of USA and Europe will be around every offshore tax haven squizzing harder and harder. You should be thankful that people still want to invest in Cayman. You should do everything possible to ensure that they continue to want to invest in Cayman. BECAUSE when the flow of money stops it will be every man for himself. The money will flea Cayman, investors will leave Cayman and what will be left is a broken economy with massive inflation, drastic property devaluation and social unrest.

      So go ahead keep doing what you are doing and one day you too will experience what is like to a slave with little or no food or belongings and nothing but pain and hurt as your friend.

    • Hoping for better days says:

      You mention the '60s '70s and '80s when Dart wasn't here to buy all the land and develop it. Good point which digs you an even bigger hole you know why because it was US caymanians who sold out in those same years you talk about. Yes its true. We sold out all our beach land a long time ago! Why don't you study our history in depth a little more before you make yourself look silly. I am not kissing Darts feet or looking for a dollar from his pocket to mine. I think its time caymanians take responsibility for what WE did long ago and start from there. These problems already existed when Dart came to Cayman…get a clue! He is diong more for Cayman than the Caymanians. I am Caymanian and not by status or any other form. By birth right!

      • Anonymous says:

        Dart is seen as a God to many people in Cayman, in particular those in West Bay, simply because McKeeva also sees him as a God. They follow McKeeva so blindly that soon McKeeva will be there God on Earth.

  3. Anonymous says:

    So…. CIG is down $20m primarily because fo the value attirbuted to the WBR land swap.  sounds like a bad deal, but look at the impact of that $20m non-cash "investment" into this deal.  $2.5 Billion in economic stimulus and almost 3,200 new jobs.  I am not a UDP or PNA supporter, but from a financial perspective, this is good deal for Cayman.

  4. Outraged says:

    You can pay anyone to prepare a report…it's not objective!!  Nobody has a crystal ball, nobody can predict the future…this is pure PR, pure manipulation…for someone to get what they want.

    Regardless how public the information is, does anyone really think they'll get a say in the next agreement?

    Beyond pathetic!!! It's one gigantic power struggle at Caymanians expense.  Just think of the better uses of time and energy that all of this effort could be going toward…instead of lining the pockets of the politicians and the developers. 

  5. Anonymous says:

    I think the most important point not caputured in this quite narrow value for money is the incalculatable loss to the country of having only one full road out of West Bay when it was and is clear that with the expanding population of WB we will need both of those routes out in the future. 

    Think of the money lost in terms of peoples time spent in traffic and not at work (in 5 to 10 years time and onward). 

    Not to mention the loss of imporant national infrastructure in times of emergencies, hurricanes etc. 

     

    I hope that the new government will renegotiate and re-open the road for at least limited use. 

    • Anonymous says:

      What are you talking about?  There will be three access points into West Bay.  The only closure is a short stretch that has been replaced by a four-lane divided and elevated (in places) road that is further away from the water.   

  6. Anonymous says:

    West Bayers did not need the extension of the Esterley Tibbetts Highway into West Bay at this time. This was calculated as a $37.3 million benefit to the government but this is more benefit to Dart Realty for them to develop their own properties.

    • Anonymous says:

      So why does everyone keep saying they need two roads into west bay?!

      Make you minds up people!

  7. Anonymous says:

    What's the deal with the new 30 mph sign as you exit the last roundabout heading to West Bay? Everything else is 40 and this has just popped up out of nowhere. Is it going to be like the 25mph sign that appeared at Camana Bay a few years ago and had to be removed? I do agree with WBR being lower, say 25mph but signs shouldn't just appear with no warning. 

    • Anonymous says:

      Yet west bay road is still 40 between the Westin and TI. See another accident happened on the weekend.-(

  8. Anonymous says:

    My only prayer is that it becomes very clear to every concerned citizen of this country that WHATEVER the Cayman Islands may have lost in this 'deal' is very simply and clearly the result of Dart having the intelligence to look out for Dart's best interests and the Government of the Cayman Islands NOT having the intelligence to look out for the best interests of the Cayman Islands and our people. Dart cannot in any way be blamed for what has happened here Cayman. Whatever has happened has been ALLOWED to happen by the people of the Cayman Islands through their elected government representatives. May we all vote accordingly at our upcoming elections. And may our next elected government have the intelligence to act in genuine fairness and concern and transparency for the good of this country and our people. And may the government of this country never ever again allow a foreign investor to come to this country and do absolutely as he pleases in a $250 million dollar 'for Cayman' deal while we the people of this country have to sit and wait and beg and beg and beg and rely on the promise that that foreign investor loves us before we are eventually given the details of that deal from the best available resource and told sorry guys you just lost $20 million dollars.

    • "ah-know-unna-mus" be crying says:

       I suggest everybody take the time to read this "fantastic deal" that our "learnedlegislators" intended to get us into. Can you imagine the Dart Group getting 100% waiver on all fees and import duty on anything they may do  which "they say" is  a part of  any development or anything that is considered by them, to be a part of  such development! These fees and duties Ladies & Gents is  considered an integral part of our operating revenue!  WOW.

      FOLKS!  Can you imagine, "This Group" having that kind of economic power over this island while being able to build as they please [money is no object ladies & gents] and will be able to undercut any other business  [existing or new] to the point where these businesses will go under eventually and "they" [Dart] will then have a "virtual monopoly" on any business on the Island, including Hotels or any other established business on the Island by virtue of price cutting. "Hard To Believe Isn't It".  

      Wake up CAYMAN!! Your unborn children are crying out to you! We can no longer stand by and let greed, avarice & corruption continue to rule! Let us hope and pray that the citizens of this island will wake-up on May, 22nd having had an epiphany telling us who to vote for, so that we may redeem ourselves from this awful thing that we have allowed to  take hold of our blessed Island!

      • Anonymous says:

        The problem is….. who is left to vote for that arent aligned with Dart.

        UDP, PPM and PNA are and C4C / TI seem to be mini Darts looking out for business. 

      • Anonymous says:

        I keep wondering if it can really, seriously be possible that one fifth grade clown had the power all by himself, (and if not does Dart really have a binding contract) to give away tens of millions in import duties and tens of millions in room taxes to the last person on the face of this earth that could actually need it, while the average household in Cayman is working their backsides off to pay their CUC bill every month to keep the country running? Is this what we call fair, Cayman? Is this what we are calling progress, Cayman? Is this what we call Mr. Dart's love for us, Cayman? Is this really what we are calling good governance, Cayman? When are we ever going to STOP giving our souls away in exchange for promises that are nothing more than a comfort to a bunch of fools Cayman? Caymana Bay is nice, yes, but please my fellow caymanians, please stop and ask yourselves what percentage of Cayman households is actually benefiting from it and who ispocketing 99 percent of the tens of millions in revenue that it generates, Cayman? Yet we insist that we are obligated in our own interests to forego tens if not hundreds of millions of dollars more to allow the very same thing to happen again? WAKE UP Cayman.  

    • Anonymous says:

      I agree in part but as a good corporate citizen with values and a conscience plus love for Cayman and its people long term didn’t DART have a moral and ethical obligation to not fleece the country it calls home?

      Ken Dart has done some great things for CAyman. The question I have is whether he is making the decisions or is it the DART Management team in Cayman who took advantage of an incompetent UDP? The fact that there is a 3rd amendment isevidence that thy knew it was important to add to the NRA deal to make it more equitable. In fact obviously both DART and UDP know this to be the case

      • Anonymous says:

        I agree completely but whoever the culprit is both Dart and McKeeva are ultimately responsible and both claim to love Cayman with all their poc…er, hearts.

  9. Hombre Atentico says:

    Once again we see Milli Vanilli Glidden working his little Mojo with the rest of his Pee /NA Pure Nasty attitude pirates, when are these guys going to stop meddling in gov't matters and making last minute deals to make extra $$$$$ before the election and get votes. while his colleaques in B/Town throwing lavish Likker/Kaya parties to stupify voters to vote for them and then having to wait another 4 years to hear from them again. Mi nah hav no friends ina high society Mi nah need mark & John john to mark mi identity? 

  10. Anonymous says:

    According to Mac and CG, it was "walue" for money,,,they did not say "value"!

  11. 4 Cayman says:

    8.58 kept who afloat? Just remember how many business he also closed. You believe cayman needs dart? Well for your surprise dart needs cayman more than we need him. Without us he certainly would be paying Uncle Sam a big cheque every year. So you can get off your high horse and think again cause we definitely keeping his cash flow in the black.

    • Diogenes says:

      he renounced his citizenship, so whoever he would be paying it sure wouldn't be Uncle Sam.  And this may come as a surprise, but there are plenty of other countries out there that would give him tax free residency.  Hell, he could even settle in the UK and get tretaed as a non domiciled like half the Russian plutocracy. 

    • Anonymous says:

      And it's not just the ones he has closed.  There's also those that are still open, but being run worse than they have ever been.  We had a town full of shops. We now have a town (GT) that has empty spaces and run down looking shops and these are the ones he controls.

  12. Anonymous says:

    The Auditor General should report on this to the people of the Cayman Islands. The ignorant rhetoric needs to be removed from this process. The fact is Cayman just got a hell of a great deal. It is sad to see ignorant people make inflammatory, emotional and inaccurate accusations and assessments that are not based on the facts. Any such deal can never be perfect for everyone because of the emotive matters involved.. But this deal is in no way one sided for DART – DART like every other developer on the planet that sinks millions and millions of dollars into developments assume all the risk. Question: Do you think Cayman got a bum deal with Camana Bay? I remember all the same naysayers and accusers raising hell about Camana Bay when it was at this stage.. Now they are all lined up at the Cinema on Saturday or out to dinner at one of the restaurants over there.. And if they aren’t..they should be, because they were plain wrong and they are just plain wrong about this. I agree with the writer above that said if DART wrote a non refundable check to Cayman for 1 trillion dollars with no strings attached they’d find a reason to bitch about it.. You are holding up the rest of our lives with this ignorance..

    Written by a 4th Generation Caymanian.

    • Anonymous says:

       

      Written by a 4th Generation Caymanian… Who has a 1st Grade Education, a 3rd world "Massa" point of View and a last-place consideration for their own people because you are obviously a 1st class fool.

      Camana Bay hasn't done anything for Cayman. It's just a development that was given more concessions through back door deals. Yes we go to Camana Bay to watch teh movies because… NEWS-FRICKEN-FLASH.. It's the only damned theater on the island. Everytime I hear someone say "Everyone hated on Camana Bay but they all go there now to watch a movie" I think to myself, "Jeez! You're right! All teh concessions and dackdoor deals that the UDP made with Dart were worth it becuase… the people of Cayman can now watch MOVIES!"

      Yep, Dart gave us a movie theater to keep us distracted and blissfully unaware.

      The tourist just flock here to see our world class movie theater. The best in the world.

      So worth it. Now McKeeva gave him our Seven Mile Beach and you know what I hear? We're getting a world class Hot Tub next to the ocean in the middle of the golden boardwalk. It's going to be beautiful. All of us Caymanians will be lining up to soak in it.

      Written by a good Caymanian who is sick of greedy, shortsighted sellout Caymanians and the UDP (who are all the same)

      • Anonymous says:

        I could kiss you!!  Sometimes our people are so bloody stupid.  What has Dart really given us.  He has and is merely looking after himself.  And no, I do not expect anything from him.  I have worked hard all my life to provide for my and my family 's needs and will continue until  I cannot..   It  really pains me to see the reality, which is that DART with all his billions would stoop so low as to negotiate such a lop-sided deal in his favour.  They know they were negotiating with idiots and moved in for the kill.   All we have here is a little 2×4  island and to steal from us is akin to taking the food out of our mouths.  Intelligent Caymanians have been jumping up and down for months about all that seem to be wrong with these deals and the unscrupulous politicans who should not really have been negotiating on our behalf were all the time saying Oh, it is "walue" for money while selling us down the River.  This is  really disgusting and hurtful but I am not surprised.  I took the time to research DART on the internet and saw how he operates.  A lepard cannot change his stripes.  Cayman this is the time to make your vote count- PLEASE DO NOT VOTE FOR ANYONE WHO HAD ANYTHING TO DO WITH THESE NEGIOTIONS!!

      • PA Rody says:

        "Now McKeeva gave him our Seven Mile Beach"

        wow I didn't release Seven Mile Beach is only a few hundred feet long, they should rename it

        Cayman's world famous Several Hundred Feet Beach.

    • Anonymous says:

      Well I disagree and I am a 5th generation Caymanian, which surely beats a 4th generation Caymanian so I must be better with a greater sense of entitlement!

    • Anonymous says:

      Is there anything worse than the DART PR machinery blogging as a 4th generation Caymanian.

    • misc. one says:

      Didn't you mean to put  [4th Grader] ?

  13. The lone haranguer rides again! says:

    You know this Mikey mouse chiseling by our elected membersjust shows how immoral and without ethics we are. Dart should backfire the whole deal dig up the new road cancel the resort give the cave people back their stinking West Bay track, sue us for his money back plus damages and leave us in our ignorance.

  14. Anonymous says:

    I think thedeal is 0K, but if PWC really believes expat workers in Cayman only remit 12% overseas, then they do not appear to understand our economy. So called Paper Caymanians send much more than that out of here. Expats much more.

    • Anonymous says:

      I call bull. Where's your proof?  The only reason I send money out of here is to pay my credit cards and a lot of those bills are for goods/service purchased here (along with travelling expenses). 

      If you're talking about low-earning expats who are going to be rolled over, how in the world could anyone blame them for sending their savings off island?  But they still have to live here and it's not cheap, and they don't get the benefit of all the social assistance Caymanians do.

       

       

      • Anonymous says:

        Check with Western Union etc. They send more money to Jamaica alone than is the declared salarydeclared on the combined work permits of half the 8,000 jamaicans here on work permits! PWC claim 12%. Bollocks!

    • Anonymous says:

      I'm an expat and I don't send any money off Island, not a dime. I also buy all my goods on the Island. Good argument though, making up facts that suit your opinion, are you an MLA?

    • Anonymous says:

      This expat only sends about 10%, mainly for kids, and most of my colleagues who are expats are the same. Some of our Caymanian collegues send money to the US to support children and family there? What's the difference? Why is the expat "picked" on for this? I agree that maybe the Philipinos or the Indians perhaps send more, they generally have very large families…but if they earned the money it is their right and they still contribute to the economy by buying food and paying rent here…

      • Anonymous says:

        Noone is being picked on. PWC made specific assumptions in their report that may not be accurate in relation to how much money generated by expatriate labour in fact remains in Cayman. They assume 88percent remains. Others disagree, and suggest the true figure is less. Since I am Caymanian and will spend more than 25% on my kids college costs alone for the next 4 years, before any overseas vacation etc, I have to assume that PWC’s assumptions are somewhat generous.

  15. Anonymous says:

    The big number–the CIG's 50% of the enhanced value of the Dart property–is what we call a SWAG. Scientific wild-ass guess. The report identifies the value considerations but is far from unimpeachable in its methods. The idea that the road parcel itself has no market value is not very supportable. Abandoned railroad and highway land is often bought and sold, and it can be be assigned a market value. This reports simply punts on that issue.

    • Anonymous says:

      The fact that adjacent land increases in value is not a cost to the Cayman Government.   Very flawed logic by PWC.   Misleading. 

  16. Anonymous says:

    DART is good for Cayman.

     

    The UDP politicians are bad for Cayman.

  17. Anonymous says:

    The PWC report clearly states the government got value for money in no uncertain terms. Incredible value it looks like that we will continue to enjoy over the next 20 years. I’m glad to see that Dart pushed for this report to finally be released as they must be sick and tired of dealing with these political tourists who are doing and saying anything right now to get to save their jobs. Finalize everything with the incoming government and get this country moving forward again!

  18. Anon says:

    Dart needs to make a profit so I don’t believe a 20m net profit on a project of this size is unreasonable. Let’s move on.

    • Anonymous says:

      Just when we thought mckeeva was our only disgrace.

      • Anon says:

        If govt had the funds to have NRA build this rd, it would have most likely cost 100+ million after all the paving, unpaving and replaving for more than a year. If you factor that in the vfm report, govt got vfm on this deal. Stop expecting the corporate world to build infrastructure (our govt can’t build on its own) at break even point.

    • Anonymous says:

      Signed, dazed and confused.

    • Bling Man says:

      Mr. Anon,

      If you think 20m be reasonable you pay it.  I don got that kind money. 

  19. Anonymous says:

    Things that make you go ummmmmmmmm

    Does anybody find it interesting that DRCL have approved the release of the PWC and VFM report right now? Why did they not release the information 2 months ago? Is this a game of political brinksmanship and why didn’t the Premier and her Deputy who signed the agreement attend the press conference on Thursday. Are they too busy securing the political futures with UDP and PPM to face the music?

  20. Anonymous says:

    The key to this entire discussion is the Net Present Value which is fundamental to understand. Why must govt give everything away when Dart has not done what it says it would do to boost economic activity and put Caymanians back to work? Why isn’t CIG or DART or media asking about that?

    This country cannot afford to give away millions to the richest developer on island. Caymanians must understand that building public parks is not enough for all that the NRA deal gives to Dart. where is the conscience as a Caymanian business?

    Everybody else in Cayman has to pay fees and taxes but it appears that only the rich ones can negotiate exemptions or concessions that they can easily afford to pay. Look at section 9 of the PWC report which clearly says it does not provide VFM.

    • Anonymous says:

      PWC VfM report was not based on a npv snapshot, there are a lot of assumptions in their valuation methodology which you should read in the reports.

  21. Anonymous says:

    The concept of the entire FCIA and NRA deals was supposed to be economic stimulus but where is it? How many Caymanians have really benefitted? A select few like companies like CCS ltd and other favored and affiliated companies have benefitted? Who owns these companies? How many Caymanians are hired?

    Look at the report. It is probably cheaper to get a commercial loan to pay for the WB rd than to give Dart an open ended concession package especially when the have not built the hotel in the time frame which was supposed to provide jobs and opportunities for Caymanians. Dart cannot have it both ways and if the deal was fair why did the negotiations for the 3rd amendment exist?

    The answer is simple this deal DOES NOT equal VALUE FOR MONEY. Dart and the UDP or PNA know it.

  22. Anonymous says:

    Valuation methodology is not an exact quantitative science.  For example, the valuation gap between the Charterland and DLS estimates of uplift appreciation after the closure of WBR is the $20.5m that everyone will freak out over (see page 26).  Meanwhile, forgotten in this will be Dart's hundreds of millions in expenditure, including the promise for maintenance, lighting, and landscaping of their portions of ETH for a period of 99 years – including remediating any future storm damage; plus a variety of new roads and facilities that are projected to add Billions to our GDP over the next 30 years.  The PwC's VfM proposition also assumes 5 hotels and 5 condo complexes in WB that haven't yet been announced.  Over the medium to long term I think Dart will run the infrastructure at a considerable loss, unless they can actually realize the additional developments that would be required to break even.  It would be foolish for any future government representative to change the goalposts without reading these agreements.  It's fairly straight forward stuff.  Thanks CNS. 

    • Anonymous says:

      "promise for maintenance, lighting, and landscaping of their portions of ETH for a period of 99 years"

      Where did you get this information from and where exactly do you mean? The 200 yards that goes through their Camana Bay property or are youincluding the northern extension of ETH into West Bay which goes through Dart's property? I have been wondering about that "recurrent expenditure".

      • Anonymous says:

        Both, and the future airport bypass. It’s sad that CNS posts these documents and nobody can be bothered to read them!

    • Anonymouse Man says:

      Sir the cost for the 99 years of maitainance and lighting is a drop in the bucket to the overall benefits. You need to understand what you are reading!

      • Anonymous says:

        The duty waiver window is 30 years, and 10 years per finished property yes there is more. Everyone should read the documents and make up their own minds, not before.

    • Anonymous says:

      Another post by a Dart blogger. I wonder if they get a bonus for most posted LOL

  23. Anonymous says:

    If Dart had not pumped $1,000,000,000 in here since 2005 we would be down a lot more than your headlines indicate. What is wrong with you fellow Caymanians???. The man kept this island afloat for the last several years whether you like to think so or not. Crabs in a barrel mentality is all I hear. While I am certainly not advocating the throwing baby out with the bath water and certainly not giving away our last dime we need to give thanks this man came here. The Bahamas came here many times and begged him to invest there. Give thanks Cayman. Give thanks.

    • Anonymous says:

      He has invested in the Bahamas.

    • Anonymous says:

      What’s the ‘throwing the baby out with the bath water ‘ thing mean?

    • Anonymous says:

      No value for money in this. Look at the recitals. All bull-sh_t promises!!

    • Grandfather Troll says:

      One billion dollars since 2005?  Is that what Mr. Dart told you to post?  That would be in the neighborhood of one hundred forty-three million dollars per year!   I don't believe you.

      P.S.  I don't think you are a "fellow Camanian", either.

  24. Anonymous says:

    Typical misleading headline. Ignore the $2.5 billion impact on the economy over the next 20 years to focus on an $20M diifference caused by the theoretical value of an illiquid asset thats otherwise worthless in its current form. By the way if you read further, this $20M disappears in the next report once that value is reassessed. Glad to see the report released.

    • Anonymous says:

      The whole problem is whether the swap deal is value for money for the country. It has nothing to do with Dart's total investment. For example, my house is for sale. If someone offers me half of what it is worth and is also investing a lot in the country, it makes no difference to me. I still need to have value for money for my deal. 

  25. Anonymous says:

    A loss of $20M on a financial deal would be consistent for our Ffrst Minister of Finance. He did have the experience, starting with the Cohen deal. Time just allowed him to get better and better with each new deal.

  26. 4 Cayman says:

    At least one Caymanian benefited from the deal. OC got his new bicycle lanes.

    • Anonymous says:

      Unfortunately the scooters are driving in the cycle lanes. I don't blame them with the way some people drive, especially on the bridge. 

  27. Anonymous says:

    Cayman will recoup their 20 M investment by having development income tourism income and employment. We cant expect something for nothing .

    • Anonymous says:

      caymanians always expect something for nothing….. its the national entitlement culture…

      • Anonymous says:

        Go home, vagrant. But for as long as you're here please have the decency and show the education to type 'Caymanians' with an upper case C. 

    • Anonymous says:

      Can you please explain why on earth we should need to "recoup our 20m investment" from our "development income" (import duties that has also been given to dart), and our "tourism income" room taxes that has also been given to dart? And we all know where Caymanians stand against $5/hr expatriate wage earners that will put yet more hundreds of millions in dart's pocket? We can't expect something for nothing but we sure as hell had better start getting used to expecting nothing for something.

  28. Anonymous says:

    Thanks CNS for posting so quickly and thanks Dart for pushing to get these documents in the public The documents are thorough butdense. Will there be short summary document published highlighting the main points ? Perhaps issued by the Auditor General ?

  29. Anonymous says:

    Upon studying the documents finally released to the public, I would like to comment on the fact that the former premier gave a guarantee of the Tourist Accommodation Tax to the developer for 10 years.  I workd in the tourist industry for 22 years and for all the time I worked, one of the things the government was adamant about was that no one got concessions on the Tourist Accommodation Tax.When I read that the uneducated, self-serving, then premier gave Dart the guarantee of the tourist accommodation tax, I was shocked.  That man ran rampant all over the government assets XXXX, while his country people starved.  And that is the man who swears he will be re-elected with a landslide and will again become our premier.  XXX  He should be censored by the United Kingdom, the Cayman Islands and everyone else who could do so.  every time I go into a supermarket and pick up 5 packs of chicken for 19.99, so I can feed my family, I say "Thanks to McKeeva Bush, we will all probably start to grow feathers, because cheap chicken is all we can afford".

    • Anonymous says:

      The Tourist Accommodation Tax is the one thing holding back large scale stayover tourism in the Cayman Islands. The revenue generated by it in no way compensates for the negative impact it has on potential developers. This is a good move and hopefully one that will set a precedent for when DoT eventually get their act together and start talking to the European package holiday operators.  

      • Anonymous says:

        What rubbish. You're like the real estate agents – alaways complaining about stamp duty on land transfers as blocking land sales while retaining their exorbitant commissions which are among the highest in the world.   

    • Anonymous says:

      If you do not see the huge obvious benefit that the Cyman Islands will derive from this agreement You ARE A BLIND MAN!!!!!!!
      Premier Bush should be congratulated ad thanked for his vision and tenacity not excoriated !

    • Anonymous says:

      Thanks a million CNS. A sad, sad day for Cayman. The list of ways Dart benefits is shocking. No limit to the greed of the Dart Management Team who negotiated this smorgasbord of self serving gimmes. No DOUBT about McKeeva’s incompetence as Minister of Finance. Value for Money?!!! We legalized Dart’s monopoly status. Where was Rolston?! McKeva got what he wanted, gave the Dart team eveything. Did they even read the documents? does the attorney general or cabinet secretary have no obligation to the Caymanian people? Dart own us!! They can dictate all development from harbor front to Batabano. They even control what West Bayers will look at on that ETH!! The new Govt must take out a loan, pays them back for the road. A new Govt, led by competent, successful real Caymanian professionals must look Dart in the eye and say ” not today bobo!” take back the power for this country and start over with Dart. Better to be broke and independent that fat and indentured to Dart!

      • Anonymous says:

        What are you smok'in??? Someone invest $1.2 billion in to our economy and you want "bobo" to get out of Cayman???? You need to go and get your head tested! If you take away everything that Dart has purchased or constructed what you will find is that Cayman has not moved forward since the 1970's when the three main families in Cayman carved up the economies and created mega family empires. Aside from Brian Butler building condos on SMB nothing and I repeat NOTHING, much else has happened in Cayman. Becuase CIG and people like you do not understand how to run a business properly. I want more Dart's to come here – lets have 10-20 Darts all competing against each other for our dollar. Then you get real value for money. Wise up and welcome investors for they are the route to living cheaperhere in Cayman!!!!

  30. Anonymous says:

    This is a great deal which will bring fantastic income raising facilities to Cayman and significantly improve a very third rate tourist product.

    • Anonymous says:

      Another Dart blogger working hard to convince Caymanians that we aren’t getting fleeced.

      Not all locals are so fool fool. A $hit deal wrapped in a pretty ribbon is still $hit wherever you live or come from Bobo.

  31. 4 cayman says:

    So in truth in fact all that opposed the deal from the get go was 150% correct that the people of the Cayman Islands was being ripped off by DRCL and the UDP administration? And all those for the new beach and swing sets where just gullable and probably on the 4 cayman alliance payroll?

    This is so wrong and hope those ladies win in court and sue the government and the governor for illegal transfer of crown land without the people’s consents.

    Value for country my ass!

    • Anonymous says:

      You should be certified A MORON!

      • Grandfather Troll says:

        No!  He shouldn't be certified a moron, because we have enough already.  Most of them are apparently in government.

  32. Anonymous says:

    nonsense…. where would cayman be without dart????…although i've got a feeling we are going to find out soon…..

    • Anonymous says:

      Is Dart paying you for such BS comments? Look at Section 9 and thank God for PWC

    • Peanuts says:

      Cayman was doing fine BD. Before Dart, and would have gone on doing well. I can say without fear of correction that in 1976 coming on to to 1997 Cayman did very well. Most ofthe expat millions and local fortunes were made then. When the great Dartiana project started is when the local people started to get shafted. 

    • Anonymous says:

      THAT is precisely our entire problem as it relates to dart. We MUST rise above the dart induced idea that we cannot possibly do without him exactly like we have done forever. And we MUSTSTAND UP to the threat that he will haul his backside and his money if he is not allowed to take advantage of us from the bottom of his precious heart. The very very bottom line is that Dart is in Cayman because it suits DART tremendously to be here, NOT because he loves our people from the very bottom of his heart. And he should be treated exactly like every single other foreign or local investor in Cayman, or haul his backside, along with his money.  

    • A Struggling Merchant says:

      I sincerely hope we find out soon!!!

  33. Anonymous says:

    This entire thing is just a giant trainwreck.

  34. Anonymous says:

    We must press for the original report before it was  'negotiated' to this version.  Maybe it could be obtained through a FOI application.  It will give us a clear idea of what Dart was up to.

    • Richard Wadd says:

      What a moronic comment !
      DART wasn’t ‘up to’ anything but business, it was our IGNORANT UDP Government that was giving away the country in the (original) agreement.
      This 2nd amendment has actually balanced the Agreement in our (Cayman’s) favour, because even though the section of the WB road (in question) will be closed to vehicular traffic, it will remain open as a public thouroughfare to pedestrians.
      So WHAT really have we lost?

    • Anonymous says:

      Great idea. The whole question is not whether we should have made this deal with Dart but rather, if it is value for money for the country. The original deal will show us clearly how little Mac was willing to negotiate to put this through and we should all wonder why. Although the PNA govt has negotiated for more, let's not forget that they were all behind Mac and the original deal and have only done differently suspiciously close to an election. 

  35. Anonymous says:

    And the PNA. knew we were not getting value for money. They still went an Gazetted the road closure, when they could have said no! PNA and UDP must Go, as they are selling us out!
    What happened to the clause in the deal that if PWC did not find value for money the deal could be terminated? I see those older (70+) people on the Dart Speedway trying to maneuver all those round a outs and speeding cars and it is a disgrace that is the only route they could take!
    What a mess?

    • Anonymous says:

      Get your facts straight….if you read the Agreement you would see that Government is legally bound to close the road full stop …..not contingent on the VFM report. As for the road, the drivers cause the speed, not the road !

    • Anonymous says:

      Where is the scenic route that I heard you could see the sea from the bridge? 

      What was the UDP and PNA thinking about?  Not the people, only papa DART.

  36. Anonymous says:

    But but but we thought you said you lowed us mr dart.

  37. Anonymous says:

    20 million is not that big of a loss when you consider who was representing Cayman.

  38. Anonymous says:

    Key summary below

    In summary, PwC believes that:
    – The infrastructure and SMB Hotel development component of the NRA Agreements provides VfM to the CIG;
    – In conjunction with the full or substantial delivery of the DRCL Development Plan, the $53m Abatements would provide VfM to the CIG, but improved targeting of incentives is required in order to avoid the risk of DRCL applying incentives to existing or planned developments which may be viable without tax waivers and/or to developments which might not have the tourism-related economic benefits which the CIG is seeking; and
    – The Hotel Tax Rebate may not provide VfM to the CIG because CIG has little control over its application to either new hotels (of unknown category, size or location) or to existing hotels (without requiring substantial renovations) and because of the unknown impact it might have on other current or future hotel developers and owners.

  39. Anonymous says:

    Nothing.  Absolutely nothing should be done until the new government is elected.  If the UDP/PNA makes any agreement in the next few days they should be held criminally liable.

    We are so very close to losing Cayman to Dart that it is scary.  The fact that many do not realize it is even scarier.

    It must wait.  Regardless of how much the UDP/PNA wants a big hit before the election!!!

  40. Anonymous says:

    Congratulations on posting all this CNS. But what we need now, is someone -NOT, repeat, NOT one of the hundreds of posters to CNS who would trash Dart if he even gave us a non returnable grant of 20 trillion dollars – to indicate to us how good or otherwise this deal was. The only person I trust is the Auditor General.