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QUESTION TO BE ASKED OF THE PRESIDENT OF THE POLICY AND RESOURCES COMMITTEE ON TUESDAY 10th JUNE 2003, BY SENATOR E.P. VIBERT
Question
In September 2001, preliminary site work on the new Waterfront Hotel ceased because the development company building the hotel claimed that it was unable to raise the necessary funds due to the September 11th crisis, which caused lack of confidence in the travel industry.
Will the President inform members of the reasons for the continued delay and when it is expected that building works will re-commence and the expected date of completion?
Answer
Since the breakdown of the Waterfront Hotel Development process in the wake of the tragic events of 11th September 2001, the team at the Waterfront Enterprise Board, (WEB), have been working with their private sector development partner to re-establish a funding structure which will allow the project to proceed. Central to this has been the wait for a recovery in confidence in the travel industry. WEB's current target programme is to commence construction of the Waterfront Hotel in January 2004, subject to certain key steps being achieved between now and then, namely -
by the end of June, it is expected that final approval of the funding bank's Board will be achieved;
by the end of September, it is expected that the design will be sufficiently complete to a level that will allow the settling of a Design and Construction Cost contract;
the Finance and Economics Committee will be asked to consider and approve new, settled funding arrangements early in October, and, following that;
there will be a period during which all final agreements can be executed.
If the January 2004 construction start date is achieved, the hotel would plan to open for business by Easter 2006.