On Friday, the Government of Belize will sign a contract to commence the construction of a new government complex to be occupied by the Ministry of Finance, including the General Sales Tax, Income Tax, and the Immigration Departments among others. The announcement was made by Deputy Prime Minister, Hon. Patrick Faber at the launch of the Belize Infrastructure Limited’s (BIL) taking over the Lake Independence Special Development Areas.
According to the Deputy Prime Minister, the new building will also house Government offices that are currently housed at rented locations as well as those that are located in dilapidated buildings. The construction of the new complex is signaling a multimillion, multifaceted investment concentration in the Lake Independence area, specifically a 50-acre plot of government land that sits on the South side of the New Chetumal Street Bridge.
As the spearheading organization, BIL will transition into the managing authority that will see the implementation of a large scale public/private sector investment in the area. According to DPM Faber, the entire area will be transformed into an investment zone that will see Government attract investment into the area by the private sector. And while the area has a 50-acre swathe of land, DPM Faber says that it will not be given away to private interests. Instead, it will be enshrined in law so that this nor any other government can siphon off the land in the area.
The launch of the Lake Independence Special Development Areas saw many investors invited to listen in on how they can become a part of the new development. Along with the new complex building, there will be investments in enterprises including businesses, hotels, and a centralized bus terminal.
Pitching the idea to the investors, Christy Mastry, BIL’s manager explained that the area was prime for investment for commercial and retail activities. It will have infrastructure in place and will include government consolidation of the 50-acre plot. For now, BIL is asking the private sector to basically partner with the government through a series of models of investments that will see Government retaining ownership of the land with investors being able to invest and get a return of those investments. The first phase will include the construction of government-owned and operated facilities like the new building being proposed. Then there will be parcels, which will be issued as land leases for retail and commercial concessions that will be offered to the private sector. In this vein, proposals will be issued out and members in the private sector would be able to look at and offer ideas on the development of various parcels. Then there are the private/public partnership arrangements, which will see the private sector deliver service on behalf of the government. Finally, there is a proposal for large-scale private sector investment with larger portions of land.
