By KEESHA BETHELL, Guardian Business Reporter

keesha@nasguard.com

A developer with plans to construct a billion-dollar resort on the island of Rum Cay has apologized to the government for sending out a press release suggesting it had already won approval.

"It was a mistake that has been corrected," said Fred Bernstein, CEO of Island Village Resorts, still awaiting final government approval for its Rum Cay Island Club Resort Marina and Spa.

Last week the company sent out a press release touting what it called a "six star international destination resort" and saying it would be "releasing resort residences lots and taking reservations deposits in March 2007".

It's a move impossible without the final nod from government.

Bernstein said he realized the mistake after the government reminded his Fort Lauderdale-based company it was not yet eligible to sell properties, given its business license was still pending.

Vincent Peet, Minister of Financial Services and Invest-ments, told The Guardian he has not yet signed off on the deal.

"The application is before us," he said. "But we have not reviewed it yet."

Bernstein said he has now apologized to the minister for jumping the gun.

He admitted the company was not in the position to begin the sale of lots and receive reservations deposits.

Island Village first applied for its business license in December of last year and has already met with government agencies to complete the necessary steps for licensing.

Although there has been no indication as to when the approval is expected to come, Bernstein said, he remains confident that the multipurpose resort will see completion.

The process seems to be "moving along very quickly," he said.

Still some fundamental steps have yet to be completed: Bernstein chose to send out the press release without a full set of architectural plans.

He noted that although there have been no blueprints drawn up, there are interviews being held to select an architectural firm.

Landscaping for the project has seen further development, with world famous planner Taft Bradshaw, of Bradshaw and Associates. He has taken on the massive project, focused on maintaining the scenic beauty of the island.

"He has drawn out where the sand and the pathways will go as well as the beaches and everything else," Bernstein said. "All we have to do now, when the approval is made is get started on the architecture for the buildings.

"We looked at some of other the islands of The Bahamas," he said. "By doing that, we were able to get that island feel. We are going to incorporate that into the resort."

The resort, if approved, will be on 2,520 acres with a mega yacht marina with slips up to 500 feet and waterways running throughout most of the property.

The 27-hole signature championship golf course is designed around the island terrain and, said Bernstein, enhances the natural hills, alleys and seacoast for the best golfers to enjoy.

There should also be a world-class spa and tennis facilities, a Caribbean inspired casino, straw market and retail village.