It's 8,000 acres of land on Northern Ambergris Caye that government offered to the Belize Bank to settle the Universal debt but that deal never went through. Now, a new document, a memorandum of understanding released on FreeBelize.org indicates that government has found a new buyer for that land.
The MOU proposes that the Allen Cage Junior Group would pay US$25 million for 8,255 acres of land on Northern Ambergris Caye. Mostly, it is the same land that had been offered to the Belize Bank for the settlement of the Universal debt. The proposal is to develop the property with five hotels with as many as a thousand rooms, two golf courses, a casino, two marinas and 300 private homes. You can read the MOU at FreeBelize.org.
That's the plan, but the questions are: has the government gotten a credible business plan to back it up and is the land being sold as a speculation bonanza or is it for genuine, planned development?
Under the Finance and Audit Reform Act, government has to take the sale of anything over 500 acres of national lands to the National Assembly for approval.
