Happy with downtown plan
A non-profit company, to which the National Commercial Bank has already committed $15 million in equity, is to be established to spearhead the redevelopment of Kingston’s seedy downtown business district.
In the face of mounting criticism about the state of downtown, Prime Minister P J Patterson appointed a group of business and public sector officials to draw up a redevelopment plan.
Their proposal included the establishment of the non-profit company, which is to be limited by guarantee and will have the capacity to raise capital on the local and international markets. An interim board for the company is to be named shortly.
Here, Maurice Facey (left) of the PanJam Group; Bill Clarke (centre), managing director of Scotiabank Jamaica and Karl Wright, president of Victoria Mutual Building Society, share a hearty laugh before yesterday’s meeting at Jamaica House. (Photo: Michael Gordon)