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ENIGHED POND PORT GROUNDBREAKING IN NOVEMBER

Nov. 1, 2002 – Groundbreaking for the long-awaited Enighed Pond commercial port will happen this month, Sen. Roosevelt David said Friday.
David's remarks came on the heels of an announcement Thursday by Gov. Charles W. Turnbull that the Public Finance Authority and the Federal Highway Administration signed papers that allows the territory to use GARVEE bonds to pay for this project and improvements to the Red Hook dock.
The senator was the prime mover in securing the GARVEE bonds, known officially as Grant Anticipation Revenue Vehicles, which allow the Public Finance Authority to pay back bonds with anticipated FHA funding.
"I'm on cloud nine all day," David said.
The agreement provides $18.5 million, with $16 million going for the Enighed Pond project and the rest to the Red Hook project.
Turnbull pointed out that using GARVEE bonds to finance the projects means that the government will not add to its debt.
The governor said that UBS/Paine Webber is underwriting the bonds. He said that the company told him that the GARVEE bonds met with a positive reaction in the bond market.
"As a result of this positive market reaction, the bond issuance is fully subscribed, allowing construction to begin in a matter of weeks," Turnbull said.
At least one St. John resident was also delighted to hear the news. Norm Gledhill, who pushed long and hard for the project, said he was relieved it was finally getting under way.
He said that since the barges now using the Creek will relocate to Enighed Pond, the traffic congestion in Cruz Bay should be alleviated.
"This will move this small community forward," Gledhill said.
The V.I. Port Authority awarded the bid to construct the Enighed Pond commercial port in mid-October to a joint partnership between the St. Thomas firm of Custom Builders and the Pennsylvania-based American Bridge Co. The partnership bid $12.8 million.
Custom Builders will construct the land side of the project, with American Bridge doing the marine work.
Custom Builders has been working in the Virgin Islands since 1986. The company built the swimming pool at the Westin Resort and did renovations at Caneel Bay Resort.
American Bridge was founded in 1900. It has completed projects all over the world, including the Disney cruise ship berth in Abaco, the Bahamas, and the Lloyd Werft cruise ship repair facility in Freeport, the Bahamas.
The company has its home office in Coraopolis, Penn., but this project is out of the Orlando, Fla., office.
The partnership has 455 days after the contract is signed to complete the job. Because of the Liberty Day holiday, no one could be reached at the Port Authority for comment.

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Nov. 1, 2002 – Groundbreaking for the long-awaited Enighed Pond commercial port will happen this month, Sen. Roosevelt David said Friday.
David's remarks came on the heels of an announcement Thursday by Gov. Charles W. Turnbull that the Public Finance Authority and the Federal Highway Administration signed papers that allows the territory to use GARVEE bonds to pay for this project and improvements to the Red Hook dock.
The senator was the prime mover in securing the GARVEE bonds, known officially as Grant Anticipation Revenue Vehicles, which allow the Public Finance Authority to pay back bonds with anticipated FHA funding.
"I'm on cloud nine all day," David said.
The agreement provides $18.5 million, with $16 million going for the Enighed Pond project and the rest to the Red Hook project.
Turnbull pointed out that using GARVEE bonds to finance the projects means that the government will not add to its debt.
The governor said that UBS/Paine Webber is underwriting the bonds. He said that the company told him that the GARVEE bonds met with a positive reaction in the bond market.
"As a result of this positive market reaction, the bond issuance is fully subscribed, allowing construction to begin in a matter of weeks," Turnbull said.
At least one St. John resident was also delighted to hear the news. Norm Gledhill, who pushed long and hard for the project, said he was relieved it was finally getting under way.
He said that since the barges now using the Creek will relocate to Enighed Pond, the traffic congestion in Cruz Bay should be alleviated.
"This will move this small community forward," Gledhill said.
The V.I. Port Authority awarded the bid to construct the Enighed Pond commercial port in mid-October to a joint partnership between the St. Thomas firm of Custom Builders and the Pennsylvania-based American Bridge Co. The partnership bid $12.8 million.
Custom Builders will construct the land side of the project, with American Bridge doing the marine work.
Custom Builders has been working in the Virgin Islands since 1986. The company built the swimming pool at the Westin Resort and did renovations at Caneel Bay Resort.
American Bridge was founded in 1900. It has completed projects all over the world, including the Disney cruise ship berth in Abaco, the Bahamas, and the Lloyd Werft cruise ship repair facility in Freeport, the Bahamas.
The company has its home office in Coraopolis, Penn., but this project is out of the Orlando, Fla., office.
The partnership has 455 days after the contract is signed to complete the job. Because of the Liberty Day holiday, no one could be reached at the Port Authority for comment.

Publisher's note : Like the St. John Source now? Find out how you can love us twice as much -- and show your support for the islands' free and independent news voice ... click here.