Good afternoon. I’m pleased to be joined by Minister Derrick Burgess responsible for Works and Engineering and Acting today as Minister for the Environment – a welcome as well to the owners of Southlands.

It seems like a long time ago that one of the least known tracts of land in Bermuda was catapulted to the headlines and became a household name, having enjoyed decades of anonymity as a private piece of land.

Southlands will never again be anonymous – particularly now as we reveal a plan that will shift that gorgeous piece of property and beach from private hands into the hands of every Bermudian.

I am pleased to announce today that the Government of Bermuda and the owners of Southlands have agreed to a swap.

Southlands occupies a pristine section of Bermuda’s South Shore, referred to by some as our “Gold Coast”. However one views it, the land is prime real estate, ideally sited for multi-purpose use and zoned for tourism on a large portion.

Although the area has always been privately owned, it represents a critical area of forestation that provides the equivalent of an environmental buffer to some of the effects of development that have grown up around it over the years.

The dilemma of much needed tourism development taken with the very real concern of preserving open space is one with which many governments in the Region have to grapple and ours is no different.

Governing is about achieving balance and in this swap the Government has done just that. We have achieved a number of aims.

• First, the Government has demonstrated considerable acumen in securing pristine private land for public good

• Secondly a vision is now pursued for the development of Morgan’s Point, and

• Bermuda’s tourism gains the opportunity for a fresh, new golf product that can thrive in all seasons

The uniqueness of this development opportunity is first and foremost that it is driven entirely by Bermudians. That is something of which we should be immensely proud.

Additionally, as part of this arrangement this Government has insisted, and the developers have agreed, Bermudians will participate in the project at many different levels.

Essentially, this Agreement is comprised of two parts. First, we had to determine the value of an acre of land at Southlands when compared with an acre of land at Morgan’s Point. This was an “apples and oranges task” but we took advice from experts in the area of hotel development and in site remediation and arrived at an agreed formulation.

Morgan’s Point is some 250 acres the state of which has been the subject of much commentary since the end of its use as a site for overseas forces in Bermuda. Admittedly, this land is not pristine – much has been made of its issues with oil and pollution and the need for remediation. Accordingly, when compared with the unspoiled jewel that is Southlands, along with a 17-hundred foot-long South Shore beach, there can hardly be any comparison.

This difficult task was performed and it has been agreed that an acre at Southlands is worth about two acres at Morgan’s Point. Therefore the swap of land amounts to 37 acres of Southlands for 80 acres at Morgan’s Point – that is the price for the preservation of an area the likes of Southlands.

The second dimension to the Agreement is something that makes economic sense and which equips the developer with the opportunity to make the intended project marketable and viable in the competitive marketplace of global tourism development. Therefore, in addition to the actual swap of land the Government has agreed to lease approximately 130 acres of the area of Morgan’s Point to the developers with a view to incorporating a championship golf course as the principal amenity to the tourism development. Quite simply, in the absence of the golf component a tourism development at Morgan’s Point would fall victim to the same perils of seasonality that befall other beach centred destinations the world over. Golf, with other amenities makes this product one for the ages and one which shifts the economic paradigm that was Bermuda’s tourism for too long.

With a loud voice, this partnership we advance today has the potential to provide a signature destination within the destination that is Bermuda. People will come from far and wide to earn the right to say “have you played Morgan’s Point in Bermuda…”

Today is a key component in our Platinum Period. Decisive action and reasoned, prudent decision making have marked our approach to this agreement, not to mention the overriding desire to balance preservation of our environment with the economic needs of our country.

I am confident that these Bermudians will succeed in making the future of Morgan’s Point a product of which we can be immensely proud. Thank you.