By INDERIA SAUNDERS, NG Business Reporter

Developer Bobby Ginn is reassuring the country that his billion-dollar project has not been affected by the economic downturn — this weekend signing a $12 million joint-partnership contract with the Grand Bahama Power Company (GBPC) for power line infrastructure. "Even in the best economy we would be right where we are today," Ginn told government officials at Saturday's contract signing for the West End community powerline.

"It takes time [and] we're moving as fast as we can." His comments follow growing speculation about the project's fate as the negotiation period lengthens with Credit Suisse and other lenders that have delayed foreclosure in order to allow Ginn's team the time to negotiate restructuring of the $675 million loan. That was before September's credit crisis that spurred a $700-billion bail out plan by the U.S. House of Representatives.

While Ginn maintains that the next phase of the project is secured, due to the $160 million placed in escrow to meet infrastructure building obligations attached to hundreds of lots now under threat of repossession, he could offer no timeline for the completion of the negotiation.

"I have no idea, it will go on until it's completed," the Orlando-based investor told reporters. "It's not affecting what we're doing right now. . . it's pretty much just continuing to be developed.

"In today's world, I suspect you will hear or you can start a rumor a day and bankruptcy is a word that is thrown around today very loosely because everybody is having financial troubles, but there is no anticipation about a bankruptcy on anything we're doing in The Bahamas."

They are reassurances that appear to have satisfied the government. Deputy Prime Minister Brent Symonette said the signs of ongoing construction at the Ginn site were good indications that the project would be completed as expected. He added that Ginn's $6 million for the powerline infrastructure would be taken out of another bond, separate and aside from the funds in escrow for the development of the next phase.

As for the other phases?

"Let's get through one phase first," he said.

For E.O. Ferrell, the CEO and president of the Power Company, the contract signing is evidence enough that the phases of the project will be completed.

"The project is made necessary by the projected load of Ginn Sur Mer," he added. "The engineering and construction of this line, in partnership with Ginn Sur Mer, is evidence of the impending growth of not only Ginn Sur Mer, but also Grand Bahama Island and Grand Bahama Power Company."

The powerline, expected to be 22 miles long, extending all the way from the Queen's Highway to the site will be the largest transmission project undertaken by the GBPC. Among other functions, the powerline is touted to be able to withstand sustained winds of up to 150 miles per hour.

When finished, the mega-billion dollar Ginn resort is slated to be as large as Atlantis, with an even greater impact on the rather destitute Grand Bahama economy.

The project is the brainchild of Ginn, who has dreams to transform over 2,150 acres at the Old Sammons Estates in West End into 1,000 single family lots, a 400-unit condo-style hotel, a marina, golf course and a host of other amenities. It has the potential to turn the quiet, economically-struggling settlement, hit by three hurricanes over the past two years, into a tourist Mecca.