As a way of diverting attention from his corrupt Bananne Land deal, Richard Frederick has once again resorted to telling half truths. This time his focus has been on the Daher Mall.
These are the facts about the Daher Mall Project:
-On March 26th 2020, Amazona Properties Ltd (A Company owned by the Government of Saint Lucia) entered into a Land Transfer agreement with Orange Grove Plaza Ltd (The Developer) for the property more commonly known as The Daher Mall in Bois D’Orange, Gros Islet.
-Prior to this Agreement, just 1 month before entering into the Land Transfer Agreement, on February 27th, 2020, Amazona Properties Ltd and Orange Grove Plaza Ltd signed a Development Agreement which forms part of the Land Transfer Agreement
-Based on the Development Agreement, several aspects of the project were agreed to.
-Firstly, the Government of Saint Lucia would be paid US$5 Million or EC$13.5 Million
-Secondly, as part of the Development Agreement, we would also enter into a Lease agreement for 78,406sq.ft of space within the building at a rate of $4/sq.ft. It must be noted that the Government currently pays on average $7.50/sq.ft in rent for space in other buildings. This means that, the Government of Saint Lucia would save about $275,000 monthly or approximately $50 Million over the 15 year lease to own period.
-Thirdly, upon completion of the 15 year lease, the Developer would then transfer the building back to the Government of Saint Lucia once all outstanding bills have been cleared.
-As part of the agreement, The Developer would be responsible for all General Building works, Safety systems, Replacement and installation of equipment such as the elevators, the Air Conditioning system, Sewerage, Drainage, Landscaping and Fencing among others.
-Section 6 of the Development Agreement states: “On expiration of the Lease provided that there are no defaults by GOSL or Amazona under the provisions of the Lease or this Agreement respectively or any outstanding sums owed to the Developer in relation to Rent or otherwise, THE DEVELOPER SHALL RE-TRANSFER ALL ITS RIGHTS, TITLE, AND INTERESTS IN THE LEASED AREA TO AMAZONA including a provision permitting Amazona the exclusive use in perpetuity of 50 car parking spaces as well as the use jointly with the Developer of all other car parking spaces in the Common Area, by executing a deed of transfer to effect a vesting in Amazona of the absolute ownership of the Leased Area free and clear of aI! encumbrances.”
-To simplify Section 6, it basically says that upon the completion of the 15 year lease, Orange Grove Plaza Ltd will transfer the building back to the Government. This arrangement is simply a lease to own arrangement.
In typical deceitful Richard Frederick style, he has deliberately not mentioned the Development Agreement which is referenced several times in the Land Transfer Agreement and the Deed of Sale.
