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FortisTCI Limited and the Turks and Caicos Islands National Insurance Board Close on US$5 Million Bond Agreement

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Today, FortisTCI Limited (the Company) and the Turks and Caicos Islands National Insurance Board (NIB) held a joint press conference to announce the closing of a US$5 million bond agreement. The closing consisted of a US$5 million 5.14% Bond Issue 2016/2031, due by July 1, 2031. The net proceeds from the bond issue will be used to finance a portion of the Company’s estimated capital expenditure of approximately $70 million during 2016 and 2017 and will be paid 100% at par value plus accrued interest on redeemed amount. Negotiations for this bond began in February of this year. It was during this period that members of the FortisTCI Senior Management Team met with the NIB Board of Directors to provide a complete overview of the Company’s operations and for the NIB to conduct its due diligence exercise. The NIB has a bond portfolio valued at US$40,359,465 (unaudited) at the end of April 2016. Historically, the NIB has always made special provision for local investments in its portfolio which is guided by the Domestic Investment Policy in the Investment Policy Statement. The NIB believes that besides the social impact of investing locally that the TCI being a rapidly growing economy provides an opportunity to earn competitive risk-adjusted returns. Over the years, the NIB has primarily invested with the public sector or with quasi-government entities but has also invested in private entities. While historically this investment is not the largest local investment to date, it is significant in terms of the fact that it affords the people of the Turks & Caicos Islands an avenue to invest in a local reputable and fiscally sound company through their contributions entrusted to the NIB. NIB Chairlady Lillian Misick said, “The Board of Directors believes that this investment with FortisTCI represents the ideal type of local investment that the NIB should be pursuing, considering the underutilization of funds allocated for domestic investment. It also provides the opportunity for the Board to pursue its mandate to grow the fund to meet its future statutory obligations.” FortisTCI President and CEO Eddinton Powell said, “We are pleased to have reached an agreement with the Board of Directors of the Turks and Caicos Islands National Insurance Board. FortisTCI is indeed a strong company and a good investment that the Turks and Caicos Islands can be proud of. I join in celebrating this landmark achievement for FortisTCI, the NIB, and the people of Turks and Caicos Islands. I hope that this bond investment by the NIB in FortisTCI will be the first of many” -###- About FortisTCI 1) FortisTCI Limited (FTCI) is a wholly owned subsidiary of Fortis Inc., and is the sole provider of electricity in Providenciales, North Caicos, Middle Caicos, South Caicos, East Caicos and adjacent Cays. In August 2012, Turks and Caicos Utility Limited (TCU), which is the sole provider of electricity on the Islands of Grand Turk and Salt Cay, was acquired by FTCI. Together the two companies serve more than 14,000 electricity customers in the Turks & Caicos Islands archipelago. FTCI and TCU have an aggregate diesel-fired generating capacity of approximately 82 megawatts. For additional information, visit www.fortistci.com About The Turks & Caicos Islands National Insurance Board: 2) The National Insurance Board is a Social Security program established under The National Insurance Ordinance and subsidiary legislation, to establish a system of National Insurance providing for payment in respect of retirement, invalidity, death, sickness, maternity, employment injury and old age; to establish an insurance fund and for connected purposes. For additional information, visit www.tcinib.tc

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Crown Land acreage to grow according to ISU progress report

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Dana Malcolm

Staff Writer 

 

#TurksandCaicos, April 19, 2024 – Slow but steady is how the ISU is carrying out its mandate to reclaim the 544 acres of illegally occupied land in the Turks and Caicos, revealing that 2.4 percent is now cleared and back under the control of its rightful owners; that 2.4% represents 13.15 acres of the initial 544.46.

In an April 11 newsletter discussing its 2023 year in review, the ISU revealed that at the completion of its mandate, almost half the land would go back to the hands of non-Crown landowners as the Unit is undertaking removals on private land, having been beseeched by the landowners who were dealing with squatters

It is expected that of the 544 acres of land, 11 percent will go back to the government 42 percent will go back to private landowners 45 percent was listed as ‘mixed’ and 2 percent had no clear owner.

Magnetic Media has asked if private owners are covering their own costs when it comes to clearing squatters from their properties.

It would come as no surprise to residents that the vast majority of informal settlements (37) were discovered in Providenciales, another nine were found in Grand Turk and a single settlement in North Caicos.

The Turks and Caicos has the unsavory distinction of being the only UK territory where shanty towns or informal settlements are so firmly established.

It’s not just irregular migrants desperate for a place to call home who are perpetuating the land crisis. Legitimate residents have been found in breach as well according to sources speaking to the news team.

According to the newly minted ISU, here is what will happen if you build on a lot without direction from the Planning Department.

You will be served an eviction notice if your structure is found to be illegally occupying Crown Land.  The ISU says then, you will have one month to secure other accommodation and leave.

If the structure is unoccupied after 28 days, reclamation procedures will commence.

If the structure is occupied, individuals will be evicted before reclamation, the ISU says.

The ISU anticipates that there will be claims against eviction orders and is advising people who wish to contest the notice, visit a Crown Land Unit office.

Those contests came in a flood following eviction notices in November 2023 and the Crown Land Unit is still trying to straighten them out with a promise that residents will be treated fairly.

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‘Incredible Environment’ for Real Estate continues for Turks and Caicos

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Garfield Ekon

Staff Writer

 

 

#TurksandCaicos, April 18, 2024 – Tourism and real estate sales continue to boom in the Turks and Caicos Island (TCI), over other Caribbean territories, with sales numbers and pre-construction sales numbers reflecting an incredible environment.

There are hosts of opportunities for new development offerings, some currently under construction and some that are about to announce their plans. A number of the larger parcels of beachfront land in Providenciales will be reshaped into high-end, branded hotels, and residences to keep pace with the seemingly endless demand for investment and vacation properties.

In a report by the Turks & Caicos Sotheby’s International Realty, it states that “our superb tourism offerings continue to attract A-listers from around the globe as seen throughout the social media channels as well as buyers looking for a place to call home amongst the abundant turquoise blue ocean views throughout, the temperate climate, and tranquil laid-back Caribbean atmosphere,” the report said.

It added that the first quarter of this year witnessed another major groundbreaking celebration in Providenciales, by the same developers of The Ritz-Carlton Residences with The St Regis on Grace Bay, as well as the formal public sales launch by Grace Bay Resorts with The Point.

The two new luxury developments have already recorded over 70% (St Regis Tower I of three towers) and 65% (The Point) units sold/reserved. The Loren on Turtle Cove, which broke ground in June 2023, is showing a unit sales production of 52%, and Andaz Turks & Caicos after officially breaking ground last year, is reporting unit sales production at 65%. ARC at South Bank is 50% sold with construction to start in May of this year.

“This new condominium inventory is satiating the overdue demand with buyers who are willing to wait for up to three years for the completion of the resort properties. We are also gaining momentum on some of the boutique new developments, such as Villas at Blue Mountain, with multiple pre-sales which will soon start construction, and The Summit at Blue Mountain, which has strong momentum and is well under construction,” the report further added.

While the pre-construction sales in the Condominium Sector are high and not officially recorded within our TCREA MLS statistics, in this 1st Quarter, the re-sale condominium sales volume was $18M, 25%-65% lower in comparison to the past three years with the average price remaining high at $1.1M which resulted in a $/SF of $1,100 at the luxury end (+$1.5M).

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Caribbean News

Paid internship opportunity in Energy Data Collection,  Application DEADLINE is April 19

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April 19, 2024 – The Caribbean Center for Renewable Energy and Energy Efficiency (CCREEE) in cooperation with the Energy and Utilities Department (EUD), Ministry of Public Safety and Utilities (MPSU), is looking for a motivated intern to work in close collaboration with regional and national institutions to survey and collect energy-related data that will be used to create the Energy Report Cards (ERCs) for the Turks and Caicos Islands. A stipend for the intern will be provided by CCREEE.

The intern will be based at the EUD/MPSU. The internship program will provide students and/or young professionals with a unique opportunity to work with the energy sector institutions and stakeholders in TCI, gain practical experience in the energy sector, and contribute to the knowledge management functions of the Regional Energy Information System within the CARICOM Energy Knowledge Hub (CEKH).

SCOPE OF WORK

The CCREEE in collaboration with the EUD/MPSU will collect specified data and information that will be used to develop the TCI Energy Report Cards which will be made accessible through the CARICOM Energy Knowledge Hub (CEKH). The hub may be accessed by registering at https://cekh.ccreee.org. The Energy Report Cards will also offer important support to the CCREEE work program, including support for energy planning and the development of sustainable energy projects.

DESIRED PROFILE

  • Bachelor’s degree or on course for completion of one by December 2024.
  • Interest in the energy sector and willingness to learn about the socio-economic, technical and environmental aspects of the energy landscape; studies in sustainable energy, environmental sciences or related fields are an asset but not a National or resident of one of the relevant countries.
  • Proficiency in English.

INTERNSHIP TIMEFRAME

The internship will run for a period of eight (8) weeks from May 27 to July 19, 2024.

APPLICATION

The intern applicant should send their application (motivation letter and CV) on or before April 19, 2024 to recruitment@ccreee.org and copy eud@gov.tc.

 Only shortlisted candidates will be contacted.

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