The Hawksbill Creek Agreement” was signed by the Government of The Commonwealth of The Bahamas and Wallace Groves on behalf of The Grand Bahama Port Authority, Limited on the 4th August, 1955 which involved the signing of an Agreement for 99 years for the exclusive right to develop some 50,000 acres of undeveloped land located in the centre of the Island of Grand Bahama. In return, the Port Authority agreed to provide infrastructure which included, the dredging of a deepwater harbour, the construction of an airport, hospital, schools and other amenities. The Agreement has been extended to 2015.
As an added incentive the Government granted the Port Authority control of the administration and issuance of business licenses.