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FRIDAY, SEPTEMBER 10, 1976
+THIS COMPRISES THE WHOLE OF STAGE 1 OF THE ESTATE AND IF THE GOVERNMENT HAD BEEN REQUIRED TO ACQUIRE THE LAND ITSELF THROUGH THE NORMAL CHANNELS, WE ESTIMATE THAT IT WOULD HAVE COST US $21 MILLION,+
THE EXCHANGE AGREEMENT SIGNED TODAY ALSO CARRIES A $600 MILLION BUILDING COVENANT. MR. AKERS-JONES SAID THE COMPANY WOULD HAVE TO SPEND $120 MILLION WITHIN FOUR YEARS, ANOTHER $180 MILLION WITHIN SIX YEARS, AND ADDITIONAL $150 MILLION WITHIN EIGHT YEARS AND THE BALANCE OF $150 MILLION WITHIN THE 10-YEAR PERIOD.
THE AGREEMENT ALSO RESTRICTS THE COMPANY TO DEVELOPING THE SITE AS A HOLIDAY RESORT, WITH LIMITED RESIDENTIAL AND COMMERCIAL BUILDING.
THE AGREEMENT LAYS DOWN A SERIES OF MINIMUM DEVELOPMENT REQUIREMENTS, HE ADDED.
THESE INCLUDED THE BUILDING OF A HOTEL, A PUBLIC GOLF COURSE, A CABLE-CAR SYSTEM, A FERRY PIER, A FRESH-WATER RESERVOIR, SALT AND FRESH WATER STORAGE AND TREATMENT AREAS, A SEWERAGE TREATMENT PLANT AND REFUSE DISPOSAL PLANT.
+ THE DEVELOPERS HAVE ALREADY SPENT A GREAT DEAL OF MONEY AND HAVE CARRIED OUT THE MOST EXTENSIVE STUDIES ON THE PROPOSED PROJECT, HE SAID.
+THE GOVERNMENT WILL MAINTAIN CONTROL OF THE PROJECT IN ITS BUILDING STAGE IN THAT THE DEVELOPERS WILL BE REQUIRED TO SUBMIT A MASTER LAYOUT PLAN AND ASSOCIATED SCHEDULES BEFORE COMMENCING ANY WORK.
+THESE MUST SHOW THE ROADS TO BE PROVIDED, THE GENERAL LOCATION AND NATURE OF BUILDINGS TO BE ERECTED, ALL THE PIERS, BREAKWATERS AND OTHER STRUCTURES AND THE STAGES AND PHASES BY WHICH IT IS INTENDED TO DEVELOP.
+WHERE THE COMPANY IS LANDSCAPING AND PLANTING GRASS, SHRUBS AND THE LIKE, THIS WILL BE DONE WITH THE APPROVAL OF THE AGRICULTURE AND FISHERIES DEPARTMENT, WHICH WILL ALSO OVERSEE THE PLANS FOR SUCH THINGS AS THE CONSTRUCTION AND MAINTENANCE OF BUSH WALKS AND RIDING TRAILS.
+THE COMPANY WILL ALSO BE BUILDING A POLICE POST AND A FIRE STATION WHICH WILL BE HANDED OVER TO THE GOVERNMENT WHEN COMPLETED.+
MR. AKERS-JONES ADDED: THE GOVERNMENT WELCOMES THIS DEVELOPMENT AND THE INITIATIVE SHOWN BY THE COMPANY IN FORMULATING THE PLAN AND GOING AHEAD WITH IT.+
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