Martin Zablocki, Chairman of Canadian Commercial Corporation and Aecon Group Executive Chairman John Beck confer with Bermuda’s Finance Minister Bob Richards

Finance Minister Bob Richards yesterday insisted that Bermuda has too much to lose if the proposed airport development deal with the Canadian Commercial Corporation does not go ahead.

“There is no final or intermediate agreement, as yet. But for Bermuda to end this process now and not seek an agreement would be an action that would cost us dearly. Those losses would include:
1. The lost opportunity to substantially improve a strategic Bermudian asset;
2. The lost opportunity to create hundreds of jobs in the near future to build a new terminal;
3. The lost opportunity to increase long term employment for Bermudians at the airport once the project is completed;
4. The lost opportunity of providing a safer and far better working environment for Bermudians employed at the airport;
5. The lost opportunity of providing a far safer, more comfortable and pleasant travelling experience for visitors and Bermudians, particularly those that are disabled;
6. The lost opportunity of stimulating economic growth in Bermuda without further encumbering the already excessive debt burden of the government;
7. The lost opportunity of abandoning the best deal Bermuda is going to get at designing, building and financing the largest single project undertaken by the Government;
8. The lost opportunity of obtaining project financing involving the backing of the AAA-rated Canadian Government;
9. The lost opportunity of on-time and on-budget project guarantees by the Canadian Commercial Corporation, a 100% Canadian Government-owned entity;
10. The loss of another 10 years or more before something is finally done to improve the sorry, deteriorating conditions at Bermuda’s major gateway.”

[In response to the question: “What would it cost the government/taxpayer if it pulled out of the agreements with CCC at this stage? That is what are the penalties associated with withdrawing from the MOU and LOA?”]

This article belongs to Politica ! The original article can be found here: Government’s first listicle on the Bermuda airport project

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