NewsWhore
05-22-2009, 04:20 PM
The Senate has approved a 99-year concession to the Sociedad Comercial Terma de la Salamandra that proposes the construction of a thermal waters spa hotel and villas complex in Canoa, Barahona. Santiago Senator Francisco Dominguez Brito opposed the approval on the grounds that the company that is requesting the concession is only worth RD$500,000, and so has no capital or guarantees for credits. Dominguez Brito said that Congress should not approve concessions that can be made with good intentions, but without guarantees, as reported in Hoy.
Senator Amilcar Romero also argued that a bond should be posted in this type of contract.
An addendum to the project establishes that the developers have one year to begin construction and 10 years to complete the project, or the contract can be rescinded. The project involves the construction of 1,000 hotel rooms, villas, golf courses, tennis courts and other facilities for an estimated US$563.9 million.
More... (http://www.dr1.com/index.html#6)
Senator Amilcar Romero also argued that a bond should be posted in this type of contract.
An addendum to the project establishes that the developers have one year to begin construction and 10 years to complete the project, or the contract can be rescinded. The project involves the construction of 1,000 hotel rooms, villas, golf courses, tennis courts and other facilities for an estimated US$563.9 million.
More... (http://www.dr1.com/index.html#6)