Tuesday, November 21, 2017

RENT SCANDAL *

Chag amusement park raking in $$ but still paying peppercorn rates

Flashback: A visitor rides a go-kart at Five Islands Amusement Park at Chaguaramas in August. —Photo: CURTIS CHASE


DESPITE being opened for close to four months and charging patrons between $120-$200 to enter, the Five Islands Amusement Park in Chaguaramas still only pays $3,400 in monthly rent to the Chaguaramas Development Authority (CDA).

CDA chairman Narine Guptee Lutchmedial has confirmed to the Express that Fouraime Enterprises, the owner of Five Islands Amusement Park, was still paying the initial rent negotiated when the lease was signed on April 25, 2014.

According to the 30-year lease, Fouraime would pay $3,400 a month, but $416,667 after the first 18 months. Fouraime's lease set that rental amount for 11 and a half years with a review set for every five years after that.

 

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