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Bill No. 29-0307 Sports Complex

Bill No. 29-0307 Sports Complex

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Legislative History: http://www.legvi.org/vilegsearch/Detail.aspx?docentry=19368
Legislative History: http://www.legvi.org/vilegsearch/Detail.aspx?docentry=19368

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Published by: A Renewal of VI Politics on Apr 29, 2012
Copyright:Attribution Non-commercial


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BILL NO. 29-0307Twenty-Ninth Legislature Of The Virgin Islands
March 1, 2012
An Act authorizing (A) the Governor of the Virgin Islands and the Commissioner of theVirgin Islands Department of Property and Procurement to develop in Frederiksted, St.Croix, by executing contracts for the design, construction, financing, and management of acomprehensive sports complex to consist of a baseball stadium, an aquatic stadium, and atennis/beach volleyball stadium (the “Comprehensive Sports Complex” and (B) theissuances of bonds, notes or other indebtedness of the Government of the Virgin Islands(the “Government”) and/or the Virgin Islands Public Finance Authority (the “Authority”)for the purpose of providing funds to finance the Government’s contribution to thedevelopment of the Comprehensive Sports Complex, (ii) pay capitalized interest on theSeries 2012A Bonds during construction of the project, (iii) fund any necessary reserves inconnection therewith, and (iv) pay costs of issuance of the Series2012A Bonds and theSeries 2012A Loan Notes, including costs of bond issuance or liquidity facility costs, if any, and to amend Act No. 7276, Section 8 and Act No. 7101, Section 14, and for other  purposes
Senator Ronald E. Russell by Request of Governor 
, the Government is committed to promoting the growth, development1and diversification of the economy of the Virgin Islands, to benefiting the people of the2Virgin Islands by developing to the fullest possible extent the human and economic3resources available therein; to promoting capital investment for the economic4development of the Virgin Islands, establishing and preserving opportunities for skilled5 jobs for residents of the Virgin Islands, and enhance the business climate in the Virgin6Islands, all of which purposes and objectives are hereby declared to be in the public7interest; and89
the Government is interested in promoting economic growth and1stability by generating increased revenues sufficient to support bond financing for 2critically needed capital investment throughout the Virgin Islands and the expansion of 3tourism with the Virgin Islands; and4
the Government supports initiatives which would improve the5Virgin Islands’ credit ratings in the capital markets; and6
the Government is committed to increasing employment7opportunities, expanding tourism and improving economic conditions on the island of St.8Croix; and9
to these ends, the Government has committed to employ innovative10economic incentives, similar to those being deployed successfully by mainland states, to11attract a new area of tourism; and12
the Government is interested in attracting sports tourism visitors by13developing a new state-of-the-art comprehensive sports complex which creates skilled14 jobs and supports the development of Virgin Islands sports tourism and recreational15facilities for the people of the Virgin Islands in addition to real estate, hospitality and16financial services; and17
there has for many years existed in the Virgin Islands an urgent need18for a modern Comprehensive Spots Complex (the “Complex”, the “Comprehensive19Sports Complex” or the “Project”) for use by Virgin Islands residents and to attract sports20tourism visitors who will come either to practice or compete at the Complex and who will21 be accompanied by coaches, trainers and for other supporters of the athletes or teams; and22
the Government through its Department of Property and23Procurement, issued Request for Proposal No RFP-004-HPR-C-2009 (PS) dated February244, 2009 (the “RFP”), to request proposals from qualified service providers for the25
3design/build/finance/management of a baseball stadium and recreational sports complex;1and2
the Department of Property and Procurement established an3evaluation committee (the “Evaluation Committee”) consisting of officials from the4Department of Property and Procurement and the Virgin Islands Department of Housing,5Parks and Recreation (“DHPR”) to evaluate the proposals submitted in response to the6RFP; and7
proposals submitted in response to the RFP were received on or 8 before March 4, 2009, and included proposals from GEC, LLC (“GEC”) and GlobeVest,9LLC (“GlobeVest”); and10
the Evaluation Committee, based upon the review and selection11 process identified in the RFP, recommended to the Commissioner of the Department of 12Property and Procurement that the Department of Property and Procurement, on behalf of 13DHPR, enter into negotiations with GEC for the services requested under the RFP; and14
 based on the recommendation of the Commissioner of DHPR, the15Department of Property and Procurement determined that it would be in the best interest16of the Government to have GEC and GlobeVest joint venture to develop a comprehensive17sports complex to consist of a baseball stadium, and aquatic stadium, and a tennis/beach18volleyball stadium; and19
GlobeVest and GEC entered into a Joint Venture Agreement, dated20January 14, 2010 (the “Joint Venture Agreement”), pursuant to which the parties as21“Joint Venturers” formed a joint venture in the name of GlobeVest-VI, LLC22(“GlobeVest-VI”) and entered into a Joint Development Agreement, dated January 14,232010 (the “Joint Development Agreement”) that defined each party’s respective roles and24responsibilities with respect to the development of the Comprehensive Sports Complex;25and26

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