The long-simmering dispute between the West End Development Corporation (Wedco) and the Bermuda Cement Company (BCC) has ended with an agreement. Wedco chairman Lt. Col David Burch and BCC president Jim Butterfield announced the terms of the agreement at a press conference yesterday. The lease for the current plant will be extended for two years, and after the new plant is built, the lease will be increased to 20 years. When the new plant is built, the rent will be increased to 2.5 per cent of gross revenue or $100,000 annually, whichever is greater.
In addition, once the financing requirements for the new plant are calculated, shares will be offered to the public and while the exact percentage will be the subject of negotiations, it will be not less than 20 per cent of shares in the company. Col. Burch said the negotiations were “conducted in a spirit of cooperation and commitment to ensure the continued uninterrupted flow of cement to the community.”