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1 Agreement No.

1 (Tortola) In return for allowing the Tortola Development


and Trust Company Ltd to reclaim some 60 acres of land, the government were
to receive not more than 5% for roads, car parking and amenity space (3
acres)- a Crown grant being given to the company for the remainder of the
land. In addition the government under took to:
(a) Waive customs duties payable on plant, equipment and materials for the
purpose of reclamation works:
(b) Grant privileges and concessions identical with those granted by Pioneer
Services and Enterprises Ordinance, 1966 (re, customs duty and income
tax relief) to the company, subsidiary company, and associated
company, and, further, all companies formed by such shareholding
persons or companies with the intention of carrying out commercial
activities on the reclaimed land including the construction of buildings,
but such concessions shall not extend so as to include occupation of
private residences or the conduct of retail shops.
2 Agreement No.2 (Tortola) Relates to the reclamation and Development of
Wickham’s Cay and Wickham’s Cay Reef, giving the right without obligation for
a period of 15 years to reclaim further area of land adjoining that covered by
Agreement No.1.
Upon reclamation the government shall:
(a) Give Crown grant to the company for the land reclaimed, the mangrove
island and a certain area of foreshore by the agricultural station.
(b) Give the company the right in perpetuity to ‘control, restrict and govern
the use of the Marine area’ created by the reclamations, ‘and to levy
tolls’ save in respect of local bona fide fishermen. In return for this the
company should cede one and half acres of land to government on the
reclaimed area. However, the government is also committed to provide
sewage to each plot – the cost of which is to be met:
(1) $50,000 over 5 years after completion of the scheme:
(2) Liabilities in excess of $50,000 to be met out of rents receivable
under the Anegada Agreement:
(3) Interest on these liabilities at .5% above the company’s borrowing
rate:
(4) In the event of the government being unable to raise $50,000 in the
first five years, government is to cede back the 1.5 acres of land (i.e
the equivalent 76.5 cts. Per sq. Ft.). However, this will not be
accepted as payment for the interest on the $50,000.
Further the govement agreed to provide the water and electricity supplies to
consumers on the reclaimed land. The same concessions are given in respect of
the concessions under Agreement No 1(see para. 1(a) and (b)).
3 Agreement No. 3 (relating to Anegada) For the sum of $1 the government
granted the option to lease the greater part of the island of Anegada (about
8,000 acres) to the Development Corporation of Anegada, which has now been
taken up. The agreement specified the terms of this lease, which is for a period
of 199 years. In return for this, the following rents are payable:
(a) Year 1 – a peppercorn
(b) Year 2 - $5000
(c) Year 3 - $10,000
(d) Year 4 - $20,000
(e) Year 5 – 199 - $30,000 per annum
In addition, ‘the Lessee shall pay to the Lessor and the government sums
equivalent to five per centum of all the rents and premiums.. . actually
received by the Lessee arising under all sub-leases hereafter granted by
the Lessee in respect of all or any part or parts of the Lessee’s Land.
There are virtually no restrictions on the type of density or development
permitted on the land. The lessee is responsible for the provision of electricity,
drainage, sewage. The lessee is entitled to draw upon underwater supplies and
charge for this service. Roads will be constructed by the company, but
maintained by the government. Furthermore, the company undertook to meet
the initial cost in the first instance of:
The public service portion for an air terminal
The fire safety equipment for an air terminal
A police station
Customs offices
A small hospital
A post office
The government shall be ‘liable to repay all such costs to the Lessee with
interest’ at .5% above the company’s borrowing rate, such liabilities being met
out of the rents payable to the government under this agreement.
The company undertook to put up a jetty capable of taking medium sized cargo
boats ‘for deep water harbour’, which facilities ‘will be operated on a
commercial basis for the benefit of the Lessee or its successors or assigns’.
In addition the government covenant to procure that throughout the term of
the lease ‘all persons, firms, companies or corporations whatsoever resident or
conducting activities of whatever description’ within the area of and or on the
lessee’s land shall be exempt from taxation on profits, income, capital or death
duties arising by the reason of such residence or the conduct of such activities.
However, this present covenant does not grant exemption from customs or
import duties.
However, the company will be exempt from customs duties in respect of plant,
equipment and materials imported for the carrying out ‘by or at the instance
of’ the lessee of all the public services or utilities on Anegada, and also for all
the construction works in relation to the lessee’s land for a period of ten years.
Other clauses of the agreement relate to the granting of licences under the
Aliens Land Holding Act and steps to be taken should the lessee fail to pay
rents due or fail to undertake the commitments made.

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