The government plans to use EC$5 million from a recently negotiated tax settlement with Sandals Resorts to launch the long-awaited Renaissance Park development at Fort James, officials announced Thursday.

The funding will come from a EC$6.5 million settlement reached following negotiations between the government and the resort chain over outstanding tax obligations.

Director General of Communications Maurice Merchant said Cabinet was informed on Wednesday that the negotiations had been successfully concluded and that a significant portion of the settlement would be directed toward the Fort James project.

“That $5 million of that $6.5 million from the settlement will be allocated to commence the long-standing or the long-anticipated Renaissance Park development at Fort James,” Merchant said during the weekly post-Cabinet briefing.

The project is being promoted as a major recreational and tourism development for the historic Fort James area. According to Merchant, plans include a marina, amphitheater, pool and bar facilities, boutique hotel accommodations, Airbnb-style properties and commercial retail spaces.

Cabinet welcomed the settlement, describing it as an amicable resolution that balances fiscal responsibility with maintaining strong relationships with major investors.

Merchant said surveys and preliminary assessments have already begun at the site, with government expected to release official designs for the development in the near future.

The announcement comes as the administration continues to advance a number of tourism and urban renewal projects aimed at enhancing public spaces and creating new economic opportunities.

While officials did not provide a timeline for construction, they indicated that preparatory work is already underway and that the Fort James initiative remains a priority within the government’s broader development agenda.

Merchant said the settlement followed discussions between government officials and Sandals regarding tax liabilities assessed by the Inland Revenue Department. He noted that the parties reviewed the company’s obligations, exemptions and contributions to national development before reaching the final agreement.