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 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.