Ironwood News

Ironwood Not Asking For Any Concessions

29-Apr-2014

Ironwood developers congratulate the National Trust, the National Roads Authority and the Ministry of Planning for their agreement regarding the new route of the East West Arterial extension and are pleased to have been part of the consultative process.

Ironwood is proposing to fund and construct the 10-mile extension on behalf of the Government. 

Ironwood is not asking for any import duty, credit, or other concessions from Government for the development of the $360 million Ironwood community.  Their funding proposal calls for Government to earmark these revenues and any other incomes generated as a result of the newly opened corridor or the Ironwood community, for the repayment of the investment over a twenty year term.

Ironwood spokesperson Denise Gower elaborated on the funding proposal:  “The idea of a developer not asking for any concessions from Government is unique and therefore it is difficult for some people to grasp.  But Ironwood is a unique project that is being built on a philosophy of long-term sustainability.  It makes more sense for the developer to pay the requisite duties and fees to Government and in turn have the infrastructure required for the success of the project, than it does to ask for special favours.  Ironwood has proposed the clearest and most transparent approach possible, which is good for Cayman”.

Ironwood has been in discussions with the National Trust over the past year and a half regarding the Ironwood community.  One result of those discussions is the commitment of the developer to relocate an old Caymanian house that will serve as the Mastic Trail Welcome Centre at the new trailhead for the National Trust.

“The inclusion of the National Trust, Government and the developer in a discussion about infrastructure is historic,” said Christina Pineda, Executive Director of the National Trust. “We are also delighted by the developer’s willingness to contribute to the development of the Mastic Trail as a tourist and cultural destination through the salvaging and relocating of a heritage home to mark the new entrance”.

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