By NINA LAING

Freeport News Intern

Fifty-six years ago today the Grand Bahama Port Authority Limited (GBPA) and then Bahamian government signed The Hawksbill Creek Agreement, which created Freeport and spurred economic growth.

In commemoration of the Agreement, which came into effect on August 5 1955, the "Celebrate Freeport" Committee will launch its four-day celebration this evening with a forum to discuss various clauses of the agreement with emphasis on tax exemptions set to expire in 2015.

These exemptions, as GBPA's official website explains, are the "cornerstone" of the Agreement. The exclusion of capital gains tax, corporate profit tax, personal income taxes, death taxes and property tax affords coverage to residents and or licensees in the port area by the Agreement's regulations up to the year 2015 even if the Free Trade Agreement of the Americas were to change its policies – a liberty others around the Bahamas do not have.

Committee Chairman Pastor Eddie Victor said that the focus is on extending the exemption period.

"We're talking about the Hawksbill Creek Agreement, 2015 and beyond," he said. "They're going to be addressing the need for those tax exemptions to be renewed and extended for a further period of time to help Freeport to continue to be a place to encourage investments."

The event panel will comprise Hank Ferguson, trained economist, Carey Leonard, attorney, Peter Turnquest, GB Chamber of Commerce president, and Ian Rolle, GBPA president. Although the event targets Chamber of Commerce members and downtown businesses, the wider community is welcome to attend.

The forum, which was held Thursday, August 4 in Mary Star of the Sea School's Auditorium, opened the weekend of activities.

During the four-day event, the committee will acknowledge over 30 licensees who have contributed to Freeport's evolution from its beginning as 50,000 acres of barren land to its current status as the country's second largest city.

According to Victor, this distinction was extended to current institutions that have been in operation for 40 years or more, for exemplifying endurance in the face of years of adversity.

Honorees include Waugh Construction Company, established in 1956, Crown Ice and Refrigeration,1960, Mary Star of the Sea School, 1960, First Caribbean International, formerly Canadian Imperial Bank, 1961, and Bahamas Oil Refining Company (BORCO), 1968.

Speaking on the honorees, he said, "They have all had an impact on the economy... The key thing is that with all the different changes that have taken place in Freeport's economy over 56 years, these companies have survived."

He furthered that newly established businesses can enjoy the longevity if they "would commit to a long-term objective in Freeport."

On Friday the committee will celebrate at St. John's Jubilee Cathedral with several honorees, community leaders and government officials. Bishop Godfrey Williams will preside over the service.

On August 6 there will be an outdoor family festival in the downtown area beginning at 3:00 p.m. and ending at 9:00 p.m.

"Celebrate Freeport" will close on Sunday, August 7, with a luncheon at Our Lucaya, where Dr. Myles Munroe will serve as guest speaker.

Victor, in an interview yesterday, said he is excited about the launch of the first – and, he hopes, annual – "Celebrate Freeport" four-day event. He said that there has long been a need for uniting the licensees and Grand Bahama at large.

"If Freeport is going to become the success that it was envisioned and planned to be it's going to require the participation of every sector in our society which includes... churches, educational institutions and social organizations all working together for us to really make Freeport a place of success and prosperity."

Although "Celebrate Freeport" aims to bring to light the success of long-standing business, it is also to inform the public on the achievements of GBPA and its future plans.

An additional objective is to educate younger generations about the city's history and to show them that they are capable of attaining even the highest goals.

"We hope that it will bring a lot of inspiration, excitement and hope to people across this island," Victor said.