Twenty-five years and two fails later, local investment group gets Cabinet green light to establish a housing project

Twenty-five years after it reportedly failed to perform, a local
investment group is to be given another chance to execute a project.
According to this week’s Cabinet Notes,  the Executive has agreed to
meet with the investors, to whom a previous Labour Party
Administration had granted permission, in 1998, to commence a
housing project.

Reportedly, the land that was assigned to the group has since been
partially occupied by private citizens. However, in 2015, the
investors apparently had sought to renew the agreement – under
the condition that it would forfeit the land on which homes already
had been built. 

Despite this, the group reportedly had been unable to raise the
required resources, and, again, it failed to perform.
The Notes say the investors have now returned to the Cabinet,
indicating they can raise the resources and begin the project within
three months. 

The Executive has therefore given the group six months in which to
show evidence of access to the capital, this week’s report says.
“Although 25 years have passed since the initial promise to
commence this project, the Cabinet continues to show faith in the
local investment group, whose principals expressed their
thankfulness,” the Notes say.