The Tribune

By NEIL HARTNELL

TRIBUNE Business Editor

nhartnell@tribunemedia.net

A FORMER Bahamas National Trust (BNT) chief yesterday argued it is not in The Bahamas’ “best interests” to allow a US developer to obtain 100 acres of Government land at Eleuthera’s Navy Beach for lot sales to finance his development plans.

Eric Carey, now an environmental consultant who lives on Eleuthera, told Tribune Business that Jeff Jacobs, chairman and chief executive of Jacobs Investments, will likely “run into a problem” and opposition if he follows through with plans to acquire and use that land for lot sales - a portion of which will finance power, water and affordable housing upgrades, in addition to a proposed infrastructure public-private partnership (PPP) with the Government.

He added that it would be “very strange” if the Davis administration were to sell or lease, or approve the use of the 100-acre tract for that purpose, especially given that during his last conversation with Clay Sweeting, the central and south Eleuthera MP, whose constituency also includes Governor’s Harbour, the latter had signalled he was not in favour of Mr Jacobs “leveraging” Crown Land to benefit the proposed 600-acre J Resort project.

Mr Carey told this newspaper that many Governor’s Harbour and Eleuthera residents are opposed to Crown Land being involved in Mr Jacobs’ project, which is pledging to create 200 construction and 500 permanent jobs from a $650m development - which has yet to be approved by the Government - where $450m, or 69 percent, is to be financed via real estate pre-sales.

However, Mr Jacobs, in his July 31, 2026, message to Governor’s Harbour and Eleuthera residents, said he planned to use the Government’s 100-acre Navy Beach tract - as well as 175 acres he and his Jacobs Entertainment Company own near the airport - to generate lot sales.

He also promised that 20 percent of the revenues raised will be used to fund water and energy upgrades, including a 100-acre solar farm, with a further 10 percent directed to affordable rental housing development. And, detailing a further use of the lot sales proceeds, Mr Jacobs said they would also be used to repay a $50m “interest free” loan that Jacobs Entertainment proposes to finance the PPP, which includes the energy and water improvements, with,

Mr Carey, though, said many local residents he has spoken to are against Crown or government land being used “to ensure Mr Jacobs’ success”. He added: “The MP, Clay Sweeting, who is minister of works and Family Island affairs, he was also of that opinion at the the time. But I have not spoken to Mr Sweeting since Mr Jacobs released his most recent plans in the last week or so.

“Mr Sweeting did say he was not in favour of Crown Land being used in this project. There isn’t a lot of Crown Land on Eleuthera, while Exuma, Andros and others have hundreds - even thousands - of acres available. He [Mr Jacobs[ is going to run into a problem. I don’t think we should leverage public land to help him finance his project That doesn’t seem reasonable to me.

“I also don’t see the Government agreeing to that. I would find it very strange if they agree to that part of his deal. The PPP agreement should be limited to restoration of the airport if he is going into a PPP with the Government. The Government could put up the airport, infrastructure and everything they are doing in terms of investment, and Mr Jacobs through his financing could further improve that facility to offer better access to his development,” Mr Carey added.

“I don’t see where it’s in the best interests of our country to throw in that Navy Beach land to guarantee sales for his development. I think Mr Jacobs ought to reconsider that. I don’t think the Government should agree to that. To use our land as an asset for him to make money to pay back a loan. I don’t think government land should be used for that.

“All of that, if it goes through, should happen from his land and Government land should be excluded. Government land should be left available for options for local people to benefit from. That land shouldn’t be thrown into the development. The next conversation I have with Mr Jacobs I will share that opinion.”

Mr Carey, who said the US developer has always been responsive to his questions and queries whenever they meet, said feelings and opinions about Mr Jacobs’ project ahead of the public consultation next Thursday, August 13, are “mixed”. He added that many, including himself, are apprehensive about the “sheer size and scale” of the planned 600-acre project which “has always been a concern to the community” including Bahamians and foreign second homeowners.

Another concern, the ex-BNT executive director said, is the extra strain the development will impose on Eleuthera’s already-struggling energy grid - with near-constant outages still occurring daily - and water supply. “It’s going to further threaten the grid,” Mr Carey said of other fears. “We don’t have reliable power in any island in our country, and also fresh water supply. Fresh water is limited, and sometimes residents don’t have fresh water. Demand on utilities is a concern now.”

However, Mr Carey cited two “positives” as Mr Jacobs’ plans to address central Eleuthera’s utility challenges through developing a 100-acre solar farm and constructing a water plant for the project.

“If you look at what Mr Jacobs is proposing, he’s saying he’s going to do a full solar farm so that there will be no drain on the grid,” he told Tribune Business. “He says he’s going to produce surplus power that will feed into the grid, and is not going to be a net user of electricity.

“He says he’s going to supply his own fresh water and will have no impact on local supply. He says he should produce sufficient water to be a net contributor. The golf course is also 100 percent off the table and he’s repurposing that land for the solar farm.”

Mr Carey, meanwhile, said that - besides those Governor’s Harbour and Eleuthera residents who view Mr Jacobs plans’ as “too big” - others, especially local business owners, are more supportive provided the economic benefits reach them and trickle down into the local community.

“Other people, especially business people, entrepreneurs, their only concern is if the development brings significant economic opportunities for local people,” he added. “They are not thinking so much about the environment and the impact on the traditional way of life. They are more concerned with significant economic benefits accruing to the communities.

“Some were asking today what my position will be at the meeting. I’m not sure what it will be. I still think the project is too big, but I have to acknowledge that Jacobs has made some positive moves - to introduce an element of sustainability with a solar farm to produce his own electricity and not impact the water table. He’s going to create water from his own reverse osmosis plant so no impact on the water table. Those are positives.”