Feb. 28, 2002 – The Public Finance Authority Board voted Thursday to bring back recently dismissed chief operating officer Amadeo I.D. Francis to smooth the transition for two individuals the board will choose to take his place.
Francis served as director of administration and finance of the PFA from January 1995 until last Dec. 31. He was fired in early December by Gov. Charles W. Turnbull, who gave no reason for the termination of his contract.
On Jan. 30, the Legislature voted to award Francis the V.I. Medal of Honor.
After going into executive session Thursday, the board returned to open session and announced it had voted to contract Francis as a "transitory adviser" until his successors are named. No time limit on the contract was specified.
Apparently the idea was agreeable to Francis, who has commuted from his home in Puerto Rico to carry out his duties over the years. "He's going to continue his contract," board attorney James Hindels said.
The board also voted to divide the duties for which Francis had been responsible and to hire one individual to serve as the authority's director of finance and another to be director of administration.
Rumors have been rampant that former lieutenant governor Kenneth Mapp, who announced on Feb. 9 that he was dropping out of this year's race for governor, would be named to succeed Francis. Mapp's name did not come up during the open portions of the board meeting at Government House on St. Thomas.
Turnbull by virtue of being governor chairs the five-member authority board.
The board asked Turnbull to recommend candidates for the two new staff positions. It's one stipulation in approving the two positions to replace what had been one was that the combined salaries of the two persons hired not exceed the total salary paid to Francis. Hindels said Francis was paid by the hour but did not specify how much.
King's Alley management issues
The board also discussed the need for a manager of the King's Alley complex in Christiansted and voted to give its employees government sick leave and vacation benefits. It also voted to authorize the management of the complex to release information about its finances in the hope of attracting a buyer.
Last year, the PFA foreclosed on the King's Alley lease held by Development Consultants Inc. after the company failed to meet financial obligations, including a $2.2 million loan from the Bank of Nova Scotia. The PFA had provided financing for the King's Alley properties, which include the 23-room King's Alley Hotel and 16 shops and restaurants.
The PFA formed a holding company, King's Alley Management Inc., to carry out renovation of the downtown waterfront property and then put it on the market. In August, Francis told the Senate Finance Committee that the PFA had contracted Rudolph Krigger Sr., recently retired as the governor's fiscal policy and economic affairs adviser, at $100 an hour to oversee the project. The authority had invested $4.6 million in the property as of August, Francis said. He declined to specify how much it had cost to buy out Scotiabank's interest, saying that the information could negatively affect then-current negotiations for the sale of the property.
The board specified that the management position would be part time, and that it would pay $50 an hour for up to 20 hours a week.
Possible financing to buy Lindqvist Beach
The board also discussed plans for the government to acquire Lindqvist Beach, which is on the market. Board member Kent Bernier, the governor's economic adviser, talked about developing the 21-acre beachfront property on St. Thomas's northeast shore as a marine park. He said it could become a visitor attraction that would generate revenue for the government, as the beach at Magens Bay does, and that special marine park features could be added.
At the start of February, administration officials confirmed that the government was proceeding with efforts to acquire the property, which includes 900 feet of natural beach. The property went on the market in November with an asking price of $3.5 million. The owners are a group of individuals who formed a corporation known as The Cove at Smith Bay. The land is zoned for development as a hotel or for seaside recreational use.
"Whatever else is entailed, this site should be held for use by the people of the Virgin Islands," Bernier said Thursday.
It was announced that the board would take up the matter of Lindqvist Beach in executive session at a meeting next Wednesday, and then announce its decisions concerning what the PFA might do to help raise money to acquire the property.
