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And that led to today at ITVET when both sides signed what is being called a definitive agreement. The Attorney General - who is on the investment committee explained:...

Hon. Mike Peyrefitte, UDP Senator
"This is a definitive agreement we call it and what it does is, it outlines the agreement between the government and the developer and within that agreement for example, you would find that there is the act as amended, because remember when the original act was passed it was pass giving Stakebank exclusivity and so I think this definitive agreement has ask Stakebank to agree that in the future the act will be amended to take out that exclusivity."

"So what this is, is a governing document that was set out the basic parameters within which Stakebank will be operating and it's called a definitive agreement."

Hon. Tracy Taeger-Panton
"The definitive agreement is expected to flesh out a little bit more the obligations of the government as it relates to the concession and fiscal arrangements that are put in place to allow this development to happen. It also fleshes out in greater detail the obligations of the developer and the timeframe in which this development will be incentivized."

Hon. Patrick Faber "The Feinsten Group and Mr. Feinstein has assured us that they are able to work with the existing players and that was of concern for us what is going to happen with the FSTV folks, but that is now clear, so we are happy that we are able to make this development. We believe that cruise tourism of course will continue to play a major role in Belize's development."

Mike Feinstein
"The Investment is 50 million US dollars and its two docks to accommodate 4 ships. A big development approximately 17 acres of development and there a few stations marina, different companies to the project. But the total cost we estimate at 50 million US dollars. First of all we are hoping to start right after the hurricane season ends. We start mobilizing very shortly, but actually start construction towards the end of the year and it takes 18 months to build these docks and during that 18 months we will finish the upland development. So several cruise working out there at the same time. There are people working on the dock, people working on the marina, people working on the upland development, so it's like a thousand people at any given time."

"I can guarantee you that in 18 months ships will be docking at Stakebank and that is the objective to keep this industry secure. Many of you don't know, but larger ships are already bypassing Belize, so that is how important this docking facility is. So we are securing this industry once and for all. Just the mention that this is happening actually secures the industry. So as of Monday we are in a much better position."

A press release describes it as a, quote, "world class Cruise Ship Docking Facility, equipped with a resort and a theme park." As Feinstein noted, it will be able to accommodate four Voyager class vessels, and he added that it will feature and 80 room resort and a marina with 60 slips.

A government release adds that it will feature, quote, "a theme park with water rides, roller coaster and aquaria." Feinstein estimated the project at 50 Million US dollars, but the government release puts it at $62.5 million US dollars with employment for, quote, "at least 500 Belizeans."

And while there may be some variance in the figures, it's a minor miracle that they even got to this point. We asked what accounts for the turnaround, after all, in January of 2016, Feinstein said he was throwing in the towel because he could not reach an agreement with the government. Peyrefitte says it was the exclusivity clause that was in the way:...

Hon. Mike Peyrefitte, UDP Senator
"Now I think what was the turning point was that Mr. Feinstein was able to accept and he stated very clearly that he doesn't need an exclusivity. It is his belief that Stakebank will be so fabulous that nobody would dare compete with him in the future, but the overall tenure is that if you have a project that can compete and it isn't a blockage, but if a project is solid, if you can prove that you have funding, but then that project will be entertained by the government, but to this point Mr. Feinstein, as I said earlier is the only one who is able to demonstrate he has the will and the ability to fulfil a project like this and I think that was the key thing."

Hon. Patrick Faber
"I think it is evident to all who is saying that in fact our position initially and the position we are at now, you saw compromising definitely. You saw that in fact there was an initial proposal for a causeway. That is not being included. You heard the talk about exclusivity and you see that the legislation will now be amended to reflect that that exclusivity will not be there, so we spoke about the length of time it took. We are now at a common place where we think we can work with each other."

Mike Feinstein
"It's been a long time, but I'm very satisfied the way it's handled. I think we are good. I have no problem working with the government absolutely and let's do it. That's the whole idea."

But to "get out of here" - as he puts it - Feinstein will need tens of millions of dollars in financing. We asked him how he plans to source it - and what he'll have to give up to get it:...

Jules Vasquez, reporter
"Where are you going to source you're financing from and will you be seeking a strategic investor? For example Royal to perhaps invest in this project."

Mike Feinstein
"We have engaged with at least 3 different cruise lines all of which showed an interest. The local banks are definitely interested. They have all said yes they would want to be a part of it. They would form as a syndicate of 3-4 banks to take care of that. So I don't see financing as an issue. We have any options including foreign investment."

"At this time we are looking at probably offering 40-45% shares to cruise lines, local investors whatever. But will maintain 51%."

Jules Vasquez, reporter
"Are you confident you will be able to work out something to convince these multinationals that you are a good majority partner?"

Mike Feinstein
"The option has always been there to just get rid of the project. We could have sold the project from 2012. But we hang on to it so we could finish what I started really and, maintain majority shares."

And while he wants to maintain majority shareholdings - Feinstein says he also wants Belizean involvements in the businesses and service providers within Stake Bank - which he says is a difference from the model currently used at the Fort Street Tourism Village.

Mike Feinstein
"When we built the existing village FSTV, we have 95% local business people in there. It is now 180 degree to 95% foreigners. Stakebank should be back to 95% Belizeans."

Reporter
"That is a guarantee on your behalf?"

Mike Feinstein
"Well I've never seen a problem with giving Belizeans the opportunity. It worked with FSTV, by then it was called BTV (Belize Tourism Village) and I don't see why it wouldn't continue working."

Feinstein says he plans to start construction after the hurricane season in October.