SABA:--- The Public Entity Saba and the Participation Company Caribbean Netherlands (PMCN) of the Pension Fund Caribbean Netherlands (PCN) on May 20 signed a Letter of Intent to explore the development of childcare facilities in Saba.
Through the Letter of Intent, the parties confirmed their intention toward a potential partnership in the form of an investment agreement in the near future. Based on this agreement, PMCN will possibly design, build and fund a new childcare facility on Saba.
The Public Entity Saba is in the process of purchasing the yet undeveloped property for the construction of a much-needed childcare facility that will house both the Laura Linzey Daycare Center and the afterschool care provided by the Saba Girls and Boys Sports Society.
The Public Entity Saba and the PMCN will explore a possible business case and legal structure, including, but not limited to, the option of a ground lease to PMCN for the duration of at least 20 years. The investment agreement will also include the arrangements for the exploration, maintenance costs, and the return on investment.
The Letter of Intent was signed on Saba by Island Governor Jonathan Johnson and PMCN Managing Director Walter Blijleven.
