Minister for Communications and Works, Hon. Mark Vanterpool said that numerous factors prevented the Pier Park from earning the revenues that were projected in the 2014 investment prospectus.
The Minister’s comment was in response to a question from Leader of the Opposition, Hon. Julian Fraser about the Pier Park earnings. In his question, Hon. Fraser asked the Minister whether the Pier Park is behind in its projected revenues, since the projections according to the Investment Prospectus of 2014 boasted revenues of $2,219,924 for 2016.
“So far, after eight months into 2016 less than half (939,244.43) has been collected, representing a shortfall of $1,280,679.57 to be made up in four months,” Hon. Fraser asked.
In response, Hon Vanterpool explained that based on the current leases the total expected income for 2016 would be $1,455,497.75, For 2017, he said that the projections are also based on lease agreements, and are expected to be $2,256,905.72.
In further explaining the reason for the shortfall, Hon. Vanterpool said: “one of the major spaces that were in the projections, refers to building #5, for which negotiations and discussions are ongoing.”
“Some of differences in projections and actuals were largely due to delays in the completion of some buildings and the subsequent handover to tenants for outfitting and ultimately collecting lease revenue,” the Minister added.