Development Bank of Jamaica to bring transparency to Greater Bernard Lodge master plan development

By Milverton Reynolds – Managing Director, Development Bank of Jamaica

It is my pleasure to speak on the role of the Development Bank of Jamaica (DBJ) on this important project, the Greater Bernard Lodge Master Plan Development.

The Development Bank of Jamaica

The SCJ Holdings, through the Ministry of Economic Growth and Job Creation, has sought the engagement of the DBJ to be Transaction Managers for the divestment of lands allocated for the following uses: residential (detached and townhouses), commercial, mixed use and light industrial.

As you would all be aware, the DBJ is the government’s central implementing agency for all Public-Private Partnerships and Privitisation (P4) activities in the country.

Managing Director of the Development Bank of Jamaica, Milverton Reynolds

The inclusion of the DBJ on the project as Transaction Managers for the divestment of the specific blocks mentioned earlier, provides a high level of transparency on this transaction given that a fundamental principle that governs the conduct of the privitisation process is that projects are handled at arms-length and equal opportunity will be given to all potential investors.

The DBJ will ensure that certain principles are adhered to, including but not limited to:

  • Value for money
  • Transparency and probity
  • Limiting fiscal risk (for the government)
  • Achieving cost-recovery; and
  • Accountability to cabinet
A map of the revised Greater Bernard Lodge Development Master Plan slated for St Catherine. (Photo: SCJ Holdings Limited)

As Transaction Managers, along with the Legal Consultant on the project, we will be solely responsible for managing and executing the Competitive Tender Process, on behalf of the SCJ Holdings for specific identified lands in the Bernard Lodge Development.

DBJ will support the appointed Enterprise Team and the SCJ Holdings to ensure that the activities undertaken comply with the policy direction of the Government and are guided by market and economic valuations.

Once the preliminary steps the facilitate the transactions are undertaken by the Enterprise Team and Consultants, and all the necessary approvals from the relevant authorities are in place, the DBJ will begin the management of the Competitive Tender Process.

This will include:

  • Issuing requests for proposals
  • Placing advertisements in print and electronic media (locally and internationally)
  • Coordinating and facilitating external communication among stakeholders
  • Facilitating potential investors’ due diligence on the Project as required
  • Facilitating the evaluation of bids receive including the preparation of a Bid Evaluation Report
  • Coordinating communication with all Bidders, among other transaction activities

Once the preferred bidders are selected, same MUST be submitted to Cabinet for approval.

We are pleased to be a part of this project which seeks to create the ideal municipality for the Jamaican public and will present affordable, quality housing with an aim to create a sustainable socio-economic environment.