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VIPA GETS A $10.7M LOAN FOR CAPITAL PROJECTS

Oct. 22, 2003 – The Port Authority announced on Wednesday that it has closed on a $10.7 million loan which will fund several long-awaited projects.
Cornel Williams, authority deputy executive director, told the VIPA board, meeting on St. Croix, that the loan from Banco Popular will providing funding in the amounts of:
– $4.5 million for construction of the Red Hook marine facility on St. Thomas.
– $2.2 million to dredge the Charlotte Amalie harbor.
– $1.7 million for Gallows Bay dock resurfacing on St. Croix.
– $700,000 to construct a sidewalk at Crown Bay on St. Thomas.
– $600,000 toward the Enighed Pond marine facility on St. John.
– $1.05 million for the debt service reserve on the loan and to pay contingency and bond counsel fees.
The board was told that plans are progressing for the remodeling of the federal inspection area at Cyril E. King Airport. Bids are being accepted from firms which had earlier submitted their qualifications to redesign the inspection area.
The preliminary plan for the airport, designed by the deJongh Group, eliminates the current baggage pre-clearance area and reroutes passenger traffic through the terminal to a new area. (See "December eyed for airport screening upgrades".)
Darlan Brin, VIPA executive director, said the Crown Bay seaport development project on St. Thomas is on schedule. The northern section of the expanded pier should be completed by January, he said, and the southern section, by April. He said the pier is remaining available to berth ships on at least one side throughout the construction.
The board selected St. Thomas-based Island Roads Corp. as contractor for the construction of the Red Hood marine facility and authorized Brin to negotiate a contract for the project.
It also approved three new leases and one lease renewal:
– To Medical Air Services International, for a hangar on three acres at Henry E. Rohlsen Airport.
– To Greenleaf V.I. Inc., a financial consulting firm, for about 8,000 square feet in the Rohlsen Airport's International Building.
– To Blue Water Aviation, for an aircraft maintenance office and storage space of 250 square feet in the Cyril E. King Airport East Bay.
– To Tyco Communications (lease renewal), of 93,000 square feet at the Wilfred "Bomb" Allick Port and Transshipment Center (the St. Croix container port).

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