The CUT Complex idea originated in 2009 when helping Dennis Brown set up a Football School, which became the charity Bermuda's Brazilian Football School. Travel to ‘broaden the mind’ was important and we took a group to the UK in 2009. We actually stayed at West Ham (congratulations on the club’s promotion – Carlos Lee, a group member and on the 2009 UK trip, is very happy about this) and where an
other of our group members, Jose Rodrigues, is the manager. We needed somewhere to train and I asked the West End Development Corporation (“WEDCo”) - a ‘quango’ formed by the Bermuda Government under the West End Development Corporation Act 1982 to manage the old naval dockyard - to use the Moresby Plain Field / HMS Malabar in Dockyard. I then thought that the field, an old quarry from which the stone was dug to build the Dockyard fortifications, would make a great site for a hotel for kids to visit Bermuda. I always want things to be self-sustaining. So, the business plan developed. The CUT Complex is a unique Sports Tourism Destination. The CUT Complex is (i) first and foremost a sustainable business; (ii) below that first aim is a business model that fosters youth and sport, facilitating self development and employment for youth in Bermuda; (iii) as a result the CUT Complex will permit signature sporting, and a wide multitude of other signature events, to be hosted in Bermuda, and (iv) it also aims to have a Performing Arts School. Why a Performing Arts School? Bermuda has a strong history of dance and theatre. It is also a part of providing opportunity and vocational training. To put on a show, music or theatre, requires designers, electricians, carpenters, painters and to get them a qualification gives vocational employment. The CUT Complex when complete will provide over 400 jobs, with more than 120 allocated to our young people. Styled after the old forts, the School has a Black Box Theatre; let us imagine that it is opening night with a hosted reception on the top level, and one day we will be performing The Tempest by the very sea that inspired the play; and the students, some boarding, will have the full use of the Campus. This is 21st Century Vocational Training in Bermuda. The CUT Complex stimulates tourism, the economy and our own communities and culture. The CUT Complex project will be a world first, and is a dedicated Sports Tourism, Training and Entertainment Centre, featuring a wide range of facilities, designed to meet international standards, integrated media and Conference Centre. The CUT Complex has value as a Brand and as a Sustainable Multi-Faceted Tourism Destination. Bermuda is no longer unique or an exotic destination. It is easily accessible. We want to attract the young. We want to provide jobs. We want to engage the whole community, to include the international reinsurers. We have been successful in that we have a signed letter agreement with WEDCo to have the Moresby plain Filed, 12 acres of an undeveloped former quarry site, for the project; we are partnered with WEDCo and, in consideration for the to be granted 120 year lease on the land, WEDCo will have 10% of the equity; we retain 10%; 5% for a charity to fund students; 75% equity for investors. We have presented to the Cabinet Technical Committee and the Cabinet Committee for Special Hotel Developments and to the Cabinet; we have received a letter dated 30th January 2012 stating that the Government approves the project “In Principle”. We are now told that the CUT Complex is one of the featured projects in the Bermuda National Tourism Plan to be published at the end of this month, May 2012. This is the start of the CUT Complex going public. We are now fund raising for the first $2.5m of risk, seed investment and then the first phase will cost $100m to build. Any ideas, suggestions, recommendations or introductions will be gratefully received. Suzanne and I spent what we had on developing the concept and the team has since worked for nothing because they believe in the project and the benefits it can bring. So, we have no money but welcome your support and interest. What ideas can you bring to the table? Here are two to start with.
1. We are dealing with both a commercial venture and social engineering. At this point I am minded of the words of another group member, Michelle St Jane, when we bumped into each other doing our “5% off” shopping in the supermarket: the Cultural Bermuda Triangle - ah yes, Environment, Ethics and the Economy. The problem faced by social engineering is a little like the statement, “before they disappeared, the dinosaurs struck back.” I think that was in fact a reference to methane gas but we can equally apply it to the established controllers of capital and finance in that the idea of new capital markets is splendid but the old investors still want their ‘interests’ protected. There needs to be a compromise, a new capital market. I should like to think there could be a forum for this type of debate, which should involve the BSX and hopefully Greg Wojciechowski.
2. We read about Sharia funds in the paper and the Government is keen to make the connection with other states. Theoretically, they provide an excellent base for social investment as the “returns” are linked to the project and not to an arbitrary interest rate. Let me explain what I mean by arbitrary: it is arbitrary in the sense that it is not project determined but banking and international finance determined. We need to create a financing model for the country, for Bermuda, which is linked first to the success of the project itself. The effect is to allow the investment to be married to the project and the two rise or fall together. This goes a long way to dissolving the “distance” provided by our current banking and capital system. Please allow me to restate that the CUT Complex stimulates tourism, the economy and our own communities and culture. I leave you with that thought. That is it for now. I trust that is enough to stimulate discussion and we look forward to your comments. Also, please visit and like our page on Facebook: http://www.facebook.com/CUTcomplex - and please write back to me on [email protected] with your ideas and suggestions. Kind regards,
Peter & Suzanne
The CUT Complex
On the cutting edge of sports tourism for Bermuda. www.cutcomplex.com
Page: 62 like this
