Anguilla government signs MOU with Edgewater Resources to develop marina | THE DAILY HERALD

From left: Claudel Romney; Jameel Rochester (Anguilla Tourist Board), Timothy Hodge; Ronald E. Schults; Chief Minister Victor Banks; Anguilla Air and Seaport Authority Chairman, Marcel Fahie; Minister of Infrastructure, Curtis Richardson; Minister of Social Development, Evans McNiel Rogers; Permanent Secretary of Economic Development, Larry Franklin; and Parliamentary Secretary Cardigan Connor.

 ANGUILLA–The signing of a memorandum of understanding (MOU) between the Anguilla government and Edgewater Resources, represented by Chief Executive Officer (CEO) Ronald Schults, on Wednesday, October 31, signalled another positive step towards the advancement of marina development on the island. Chief Minister Victor Banks said, “The government of Anguilla has sought to advance one of the key industries that the government in 2015 committed to, that being at least two marina development projects.”

Banks recognised Claudel Romney of BDO LLC, Anguilla for introducing Edgewater Resources, a company involved in marina development worldwide, to the government. Following extensive discussions with Edgewater Resources, a feasibility study was funded and undertaken to identify suitable marina sites on the island. The study identified five potential marina sites, along with the design scope, capacity and structural cost of each site. Upon completion of the study, Edgewater Resources held a public forum to present its findings and address questions and concerns.

The MOU signing will allow Edgewater Resources to proceed with its marketing of the Anguillian marina concept to investors as well as secure investment capital. Banks stressed, “The government of Anguilla is fortunate in this arrangement as it is not required to make any up-front financing. The Social Security Board, a part of this from the beginning, helped to secure the financing for the feasibility study. This has been an effort that has involved Anguilla’s Social Security Board, Edgewater Resources, Anguilla’s Air and Seaport Authority, the government of Anguilla, the Anguilla Tourist Board and BDO.

Schults added, “This is an exciting time; it is the next step towards creating jobs and improving the economic activity on the island. This marina/waterfront development opportunity will not be impacted by hurricanes as we can design them to withstand a category 5 storm. The mega yachts in this area need a place to come to. People on these yachts are looking for a place that has fine restaurants, spas, golf – all the things that Anguilla already has. We now want to develop an access point for them to come.” He added that he is already lining up discussions with investors who will be attending the International Boat Show in Fort Lauderdale, Florida, the world’s largest boat show, later this week.

Social Security Board Director Timothy Hodge said the board had jumped at the opportunity to assist with the financing of the feasibility study. “We have a role to play in national development, and are pleased to be a catalyst and partner in national development. We also have an interest in job and economic growth as our system is based on persons working and contributing to the social security system. We are pleased with the work done by Edgewater Resources so far and are confident in their abilities to take it forward,” he said. All members sitting at the table to witness the MOU signing expressed support for this new enterprise.

Source: The Daily Herald