The British governor of the Turks & Caicos Islands has signed a multimillion-dollar land deal with a luxury resort company.
A government statement Monday says Caicos Resorts Limited has leased 17 acres of government land for 999 years for a US$3 million downpayment and yearly rental income. The company runs the Amanyara resort on the island of Providenciales.
Governor Ric Todd said the local population will benefit from increased revenue streams and more jobs at the Amanyara resort. He signed the agreement on Monday.
The Turks & Caicos Islands are a tiny Caribbean island chain about 500 miles (800 kilometres) southeast of Florida.
Britain imposed direct rule over its dependency in August 2009 following widespread corruption claims against local leaders.