Cowes Harbor Commission (CHC), Homes and Communities Agency (HCA) and the developer of the HCA’s Victoria Quay marina in East Cowes, are working their way to reach the ‘Harbor Infrastructure Funding Agreement’ (HIFA).
According to CHC, Negotiations continue towards finalizing the agreement between the parties which will enable delivery of Phases 2 and 3 of the Outer Harbor Project, the Eastern Channel dredge and Shrape extension.
“Despite the best efforts of all parties, and with CHC having met all its commitments to the HCA and being ready and in a position to deliver Phases 2 and 3 of the harbor infrastructure in spring 2017, the HIFA is not yet in a form whereby it can be approved by the respective parties’ Boards,” said CHC in a release.
Furthermore, the company added that some of the complex matrix of commercial and legal agreements for the wider East Cowes regeneration development, which must be completed by the HCA and their developers as pre-conditions to the HIFA, whilst being well advanced, are not yet fully resolved.
The effect of this is that it will not be possible to start the Eastern Channel dredging works in time to complete them by the environmental and operational closed season commencing in April 2017.
CHC concluded that the intention now is to re-schedule the Eastern Channel dredging and construction of the Shrape extension to begin after the 2017 summer season, subject to finalization of the terms and conditions of the HIFA and the HCA and the marina developers being in all other respects ready to proceed with the new marina and East Cowes project.