Hawksbill Creek Agreement
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The Hawksbill Creek Agreement[1] was an agreement signed in 1955 between the Government of the Bahamas and Mr Wallace Groves to establish a city and free trade zone on Grand Bahama Island with an aim of spurring economic development in the region.
Groves was granted 50,000 acres (200 km²) of land with an option of adding an additional 50,000 acres (200 km²) The The Grand Bahama Port Authority Ltd was created to develop and administer the land. The city of Freeport was planned and built from scratch as a consequence.
To encourage investment, the agreement also freed the Port Authority from paying taxes on income, capital gains, real estate and private property until 1985 -- a provision that has since been extended to the year 2054.
