By KEESHA BETHELL, Guardian Business Reporter

keesha@nasguard.com

With 112 projects on the drawing board actively contributing to the economies of 12 Bahamian islands, amounting to $12.6 billion in investment, one development projected by its developers to pump billions into the economy is still waiting for an answer from the Bahamian government after filing for approval last year.

Island Village Resort (IVR), a Florida-based company, is still anticipating approval for its Rum Cay Island Club Resort Marina and Spa project.

Upon completion and if approved, IVR's developers expect the project to make a $5.4 billion economic impact, at the same time employing 4,800 people.

The "six star resort" development will sit on 2,520 acres of land, located on the southern shores of Rum Cay, a small island located 20 miles southwest of San Salvador Island.

It will also have a 400-slip blue flag super mega-yacht marina with slips up to 500 feet and waterways running throughout most of the property with water taxies.

There will also be a world class spa and tennis facilities, a Caribbean inspired island casino, straw market and retail island village plus much more!

An application for the project's approval was submitted more than three months ago - last December - still no answer.

But CEO and founder Frederick Bernstein of IVR, a 37-year veteran, said in an interview with The Guardian yesterday, that things are still progressing well.

"We are currently working with the Government although there have been no indication as to when the Government will answer," he said. "I have some meetings coming up soon with the various government ministers.

"Before we can do anything we have to get the Bahamian government approval - that's what we are working on."

So what's the hold up? Why is there still no answer?

One analyst suggested perhaps there is a financial problem, something Bernstein immediately refuted.

"There are no financial problems," he said. "We are ready to go. If they were to approve us tomorrow, I'd get started."

According to The Bahamas: A Paradise for Investment, a booklet created by the Bahamas Investment Authority (BIA), a department under the Ministry of Financial Services & Investments, the process is a lengthy one.

The process in the booklet indicates that international investors ought to submit a project proposal composed of 12 requirements.

The 12 requirements include elements like principals, proposed location, employment requirements, financial arrangements - all of which suggest that approval will not happen overnight as the various requirements call for approval from various government departments.

Bernstein said he agrees that procedures of this sort tend to take time and is willing to wait for the approval - something he doesn't doubt.

"There is a process that you have to go through to get approval and that's what we are doing," he said.

"Whatever it is they are asking us to do, we are doing."

Meanwhile, Bernstein is still hard at work, preparing for that green light to begin construction of the first of five phases estimated to amount to $150 million.

"Right now, I am getting all my construction workers, architects, landscapers and everyone one else together so that when we receive this approval, we can start right away," he said.

In the end, the CEO explained the project will be a "win- win situation" for all involved.

"I am very positive and enthusiastic and I have a passion and a vision to develop this into a six-star resort not only in the Bahamas but in the world - a one of a kind resort," he said. "We are very excited about it and can't wait to get going."

Minister of Financial Services and Investments, The Honourable Vincent A. Peet, could not be reached for comment.