Morgan's Point has dismissed concerns that the developers are having any problems raising money.

Robert Davies, managing director of Renaissance Resorts International Ltd. and CEO of Morgan's Harbour Investments Ltd., conceded that rumours may have started because of a committed attempt to increase local participation in the venture.

Renaissance is the international developer overseeing the development of the new community and Morgan's Harbour is the local company that won the bid to do the work.

Mr. Davies said: "We don't need the cash or equity contributions to make this project happen. Indeed, we are not asking for these people to contribute their funds until such time as all the approvals and other financing is in place. It is not a short term need.

"We are fully capitalised to the requirement we need to do the work we are doing.'' Local corporate or private investors can get into the scheme, with a starting ante of $140,000. By taking advantage of the front-end position, such local investors would have a preferred position down the road, with their interest greater, relative to future investors.

He said the time frame for the input of local money is not immediate, but dependent upon the timing of the planning permission and the Parliamentary process by which the lease is approved. The latter is in the hands of the Bermuda Land Development Company.

And he said: "We were awarded the role basically in February. We are now in May, four months later. I've been involved in these projects in many different places around the world. This one is moving relatively swiftly. I'm very encouraged by the support we are getting from the Government, the BLDC and others. The project is extremely well supported.'' But he said: "We don't feel there are any issues or problems here. We are moving on exactly the lines we intended to move on. There are offshore investors providing equity like the Carlisle Group in Washington, as well as ourselves.

"We would like to find small, individual Bermudian shareholders to increase the Bermudian contingent. But that's not a conditional part of this deal. We are moving ahead.

"We have five separate Bermudian shareholders who are very active and important parts of this project. Given the importance of this project to Bermuda, I think it's a good thing for Bermuda and a good thing for us too, to increase our connections locally by having more individual shareholders here in Bermuda.

"Because of the securities laws here in Bermuda and internationally, we cannot make an offering to more than 20 people. It becomes a public placement then.'' Mr. Davies would not be drawn on the exact amount of Bermudian involvement he was seeking. But he did agree that it would be much more than ten percent.

"I would say it's much more than that. It isn't 50 percent, but it is certainly more significant than ten percent. I don't want to be more precise than that until we finalise it.'' The financing covers the launch phase of the project, which is a total investment of US$75 million, comprising the golf course, the environmental clean-up, all the infrastructure on the site, the village centre, the first phase of the marina and the first phase of the 300 homes.

The Bank of Bermuda and the Bank of Butterfield are involved in the financing for the $250-million project and local architects will be involved in the preparation of applications to planners.

Mr. Davies said world class architects are to be used for in specialised areas, but every building part of the project will have them associated with local practices.

"It is our philosophy,'' he said, "because of the number of different elements of this project, to spread the work as far and wide to local architectural practices as possible.'' And he said there had been discussion of using the peninsula for parts of the golf course.

But he added: "You can tell Jack Nicklaus what you want to do, but if it doesn't end up being a quality course, he won't sign his name to it. Jack has concurred with our development strategy about generally keeping the golf course on the mainland.

"We believe we can still produce a world class golf course on the mainland.

Jack does, too. I was discussing with him (on Thursday) the fact that Pebble Beach is one of his favourite courses. We were discussing the comparisons. He was saying that the last thing you want is every single hole on the water.

"We have seven holes with water in play, and 13 holes with water views. That is very similar to Pebble Beach.

"The biggest respect we can show the golf in this project is to have no development in the middle of the golf course. We adopted the strategy of separating the locations of where development takes place, and where the golf course is.

"If this is to be a truly world championship course, you don't want homes, construction cranes and all those issues in the middle of the golf. That is an issue that is needed to bring balance into this discussion.'' GOLF HOME -- Artist's impression of the proposed clubhouse at the Morgan's Harbour development.

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