The Public Finance Authority approves contracts | New



The VI Public Finance Authority at a meeting this week approved several deals, including a contract with a consulting firm to help find a developer to buy or lease the Kings Alley Hotel in St. Croix.

The PFA, led by President and Governor Albert Bryan Jr., voted Wednesday to approve a resolution to ratify the professional services contract with Atlantic Caribbean Consulting, LLC “to assist in the solicitation and selection of a developer and / or a hotel operator for the purchase or rental ”of the hotel and adjacent vacant land that once housed the Anchor Inn.

Board members voted to allow the properties to be sold in May, but the PFA has been trying unsuccessfully to sell the hotel for years. She took over the hotel in 2003 after the former owner, Development Consultants Inc., defaulted on its government-guaranteed loan.

The PFA used the proceeds of the bonds to renovate the 22 rooms of the main hotel complex and restaurant, a project that was expected to cost around $ 2.5 million and be completed in March 2004.

The final price for the project reached $ 11.4 million, and the hotel only opened in January 2008. In 2006, King’s Alley Hotel was valued at $ 6.5 million, and while the PFA tried for years to find an interested buyer, the agency said all the bids were too low.

PFA board members also voted to approve a resolution on behalf of the Office of Disaster Recovery to enter into a lease with Blackbird Property LLC for the use of office space on Strand Street in Frederiksted, St. Croix, for a two-year term, with a two-year renewal option at a cost of $ 72,000 per year during the initial lease term.

The board of directors also voted to approve a resolution establishing a memorandum of understanding between the PFA on behalf of the Disaster Recovery Office and the VI Public Broadcasting System to use the services of disaster recovery contractors to provide services. architecture and engineering to repair damaged public broadcasting. System installations.

The PFA also voted to approve a one-year no-cost contract extension with Tobacco Settlement Financing Corp. and BDO USA to enable BDO to complete the fiscal year 2019 financial audit of PFA, WICO and viNGN, and to conduct the 2020 Financial Audits of PFA, Tobacco Settlement Financing Corp., WICO and viNGN .

In addition, the PFA authorized payment of $ 52,709 to Duane Morris LLP for legal services rendered to the Virgin Islands government between January and May 2021 “in relation to negotiations with a potential distillery, and to approve payment of future invoices an once the payment has been approved by the governor’s chief of staff or the chief legal adviser.

The next PFA meeting is scheduled for August 12.



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