Port Place Ocean/Canal Project
Acquisition: Purchase 100% of the outstanding shares of ABD, Ltd.
Project Sole Owner: ABD, Ltd.
Project Information: www.portplace.net
Corporate Affairs for ABD Ltd.
- Chartered by the Bahamas government.
- Ownership may be 100% foreign with pre-approval by the Central Bank of the Bahamas.
- Grand Bahama Port Authority license to conduct business.
- Bahamas Customs bonded for duty free importation. Over the counter letter approved for 2007.
- Received a “Company in good standing” letter (update) in 2006.
Assets and Liabilities
- Ocean: Lots 18-19-20-21, Section 1, Block 3, Bahama Terrace Zoned “Tourist Commercial”.
- Canal: Lots 15-16-17, Block 2, Section 1, Bahama Terrace. ABD, Ltd. created the Port Place Condominium declaration (approved 2003 by the Bahamian government). All three condos situated on Lot 17 have been sold and conveyed.
- Royal Bank of Canada Bahamian dollar checking and time depository accounts and safe deposit box established 2000. Total funds on deposit at completion of sale will be at least BD $5,000.00.
- Construction in place: electric service underground from street to transformer to main boxes in security building, water from street to foundations, security wall, custom aluminum electric gate, fiber concrete driveway, settled fill and rough grading from street to foundations, from street to piers, foundations, with signed approvals by Port Authority.
· Trailers (2) with construction materials and supplies located on lots 15-16, including (1) surface drain unit with grill.
- Paid, approved, building permits (including #11964 for canal condominiums)
- Plans and specifications
- Website: www.portplace.net (transferable domain/email)
· GB Port Authority deposit on house electric meter. (Useable for temporary power to build-out the canal units.)
· All fees paid in full for Condominium Declaration.
· Fees paid in full for GB Port Authority license renewal ($2,800/year), legal registry, and annual corporate filing.
· Ocean Lots 19-20-21 are exempt from all future annual Association Fees due to prepayment
- No liabilities or law suits outstanding
- Payments are current for all obligations to chartering, community and licensing authorities.
Price: $3.0 million USD (direct sale, subject to change without notice)
Corporate Registry and Attorney for ABD Ltd.
Vivian Gouthro, Attorney, Higgs and Johnson, LLC
Chancery Court (located on East Mall Drive, yellow office building north of Port Authority building)
Freeport, Grand Bahama, Tel: 242-351-5050
