Public Finance Authority board members discussed plans Friday for major renovations to the Paul E. Joseph Stadium on St. Croix but decided to wait on more information about the project’s costs before approving the funding.
According to Sports, Parks and Recreation Commissioner St. Claire Williams, the development and construction of the AAA-level baseball field with an adjacent Little League stadium and permanent Carnival Village area should cost approximately $20 million. The government has proposed issuing up to $17.5 million in bonds to fund the project, which would be backed by rum revenues in the Community Facilities Trust – an account set up under the government’s agreement with Diageo.
Three percent of the distillery’s revenues are deposited into the trust annually, and according to the PFA’s bond counsel, there is currently enough money in the trust to secure the bonds and cover the debt service cost. Use of the trust funds has already been recommended by the governor and authorized by the Legislature, board members said Friday.
After discussing the issue in executive session, Gov. John deJongh Jr. said the board would delay its final vote until next meeting so board members could get more information on the project’s cost. A contract award for the design and construction has already been given to GEC LLC, the board said.
"While we delayed approving the financing from the Community Facilities Trust, the Department of Property and Procurement continues negotiations with the winning bidder on a design and build contract," deJongh said in a statement Friday. "The contract would govern the demolition and reconstruction of the multiuse complex we envision in Frederiksted. The resolution to approve the stadium’s financing is expected to be considered at the next meeting of the VIPFA board of directors."
In other news, the board approved a project management contract not to exceed $120,000 for Nimal LLL, which will oversee the completion of the Charles W. Turnbull Regional Library on St. Thomas. Work on the library will include the installation of a photovoltaic system and landscaping, along with overseeing the replacement of the library’s metal roof.
