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HomeNewsArchivesFYI: Lt. Gov. Richards Praises PFA Funding

FYI: Lt. Gov. Richards Praises PFA Funding

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June 8, 2006 – Lieutenant Governor Vargrave Richards said he is pleased with the Public Finance Authority's decision Wednesday to designate funds for the repair of West Scenic Drive Road on St. Croix and for infrastructure work in Gallows Bay.
The Public Finance Authority approved $3 million for the renovation of the West Scenic Drive Road for the Annaly Bay Development project. Announcing the project in December 2005, Lt. Governor Richards said the Government of the Virgin Islands had committed to the renovation of West Scenic Drive as part of a public/private partnership. The $3 million will be used for road design and construction as well as the establishment of lookout sites on West Scenic Drive. He said the PFA's approval ensures the commitment of the Government in getting this project started.
"Construction of the West Scenic Drive will allow access to the property so that groundbreaking and construction on the $500 million Annaly Bay Development resort project could begin," Lt. Governor Richards said. "This project will be a significant economic boost to the island."
Lt. Governor Richards said he is also delighted with the additional $2 million also approved by the PFA that will offset the flooding, draining and other infrastructure issues in Gallows Bay. This infrastructure work will also facilitate the development of the $47 million Gallows Bay marina – another project which he has supported.
"First and foremost, this is a benefit to all residents in the Gallows Bay area who have put up with flooding problems and runoff issues for a number of years," he said. "Approval of these funds has also demonstrated that the Government of the Virgin Islands is ready to welcome investment to these islands. Both these projects will ultimately mean hundreds of construction jobs for the people of St. Croix in their initial phases. The Virgin Islands can only stand to benefit from projects such as these."

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