COMMITTEE ON FINANCE

BILL NO. 29-0009

Twenty-Ninth Legislature of the Virgin Islands

February 8, 2011

An Act to reprogram funds from the Public Parking Lot Fund to the Virgin Islands Public
Finance Authority to use as leverage and partner with a private entity to design and build a multi-
level parking facility at the Fort Christian parking lot

PROPOSED BY: Senators Carlton “Ital” Dowe, Louis Patrick Hill,

Shawn Michael Malone, Ronald E. Russell, Sammuel Sanes
and Janette Millin Young

1 Be it enacted by the Legislature of the Virgin Islands:

2 SECTION 1. Title 33 V.I.C. §3007 is amended by adding subsection (e) which shall

3 read:

4 “(e) Notwithstanding the limitations on the use of funds from the Public Parking Lot

5 Fund (“The Fund”) under title 33, chapter 111, section 3007, subtitle 3, monies collected from

6 the Fort Christian Parking Lot on the island of St. Thomas shall be turned over on a yearly basis

7 beginning September 30, 2012 to the Virgin Islands Public Finance Authority to use as leverage

8 to partner with a private enterprise to engineer, design and construct a multi-level parking facility

9 at the Fort Christian Parking Lot not to exceed three stories that includes a mixed use design

10 which facilitates and makes available space for carnival activities.

 2

1 (1) Monies in The Fund must be immediately turned over to the Authority and

2 construction must begin no later than October 30, 2012. In the event that construction

3 cannot begin by October 30, 2012, the Authority must get Legislative approval for an

4 extension of time and continued use of funds and must show good cause to the legislature

5 for the continuance thereof.

6 (2) An itemization of the funds spent must be kept by the Authority showing

7 receipts, cancelled checks, and any other method used for payment. A quarterly report

8 must be sent to the Legislature’s Committee of Finance and made available to each

9 Senator.”

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11 BILL SUMMARY
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13 The purpose of this bill is to provide a funding source to the Virgin Islands Public
14 Finance Authority for use in partnership with a private entity to design, engineer and build a
15 parking facility at the Fort Christian Parking Lot capable of housing automobile parking and
16 Carnival activities.
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19 BR11-0309T/February 3, 2011/AA
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