$5 million will be withdrawn from the Environmental Protection Fund for the purchase of the prized Smith Cove land.
Government tonight (Monday 24 October) secured approval of the LA to withdraw the money from the EPF, however the formal deal is yet to be signed for the land adjacent to Smith Cove.
Earlier this month, a public petition was started after news broke that the land was going to be developed, putting access to the public beach at risk.
Premier Hon. Alden McLaughlin stepped in and indicated that Government and the developers Bronte were in negotiations to purchase the land and had reached a deal in principle for the purchase.
Bronte had planned to construct a three storey, 24 unit condo complex at the site much to the displeasure of the public.
Government has agreed to meet the purchase cost, stamp duty and associated costs incurred by Bronte for the land.