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VIPA Board Approves American Airlines Lease Renewal

June 15, 2005 — The V.I. Port Authority board on Wednesday unanimously approved an application from American Airlines to renew its three-year lease agreement on two cargo bays, with a three-year option for renewal.
The airline recently reduced its lease space at Cyril E. King Airport from 5,600 to 3,600 square feet. The rental rate is $8.75 per square foot.
The board also unanimously approved a motion to grant a 20-year lease to Tradewind Flight Services for six acres of land west of Henry E. Rohlsen Airport on St. Croix. The company originally requested nine to 10 acres to be used for office space, a hangar and a paved ramp area.
The estimated cost of the investments and improvements will be around $2 million, to be funded by personal savings accounts from the company. The project will create 70 jobs on St. Croix.
The board also voted unanimously to negotiate lease terms with The V.I. Bureau of Internal Revenue, which is requesting to lease offices at Crown Bay in St. Thomas.
Also, H & H Avionics was approved by the board to lease space at Rohlsen Airport, in part to undertake a refueling contract for the Department of Defense. H & H Avionics would employ 10 local individuals who are certified refuelers. Five board members voted in favor of the lease, board member George Phillips abstained.
Additionally, the board voted to write off a list of accounts receivable totaling nearly $755,000 — an amount which includes accounts of deceased business owners or tenants, businesses that failed or vacated VIPA's premises, tenants whose forwarding addresses were unknown and accounts uncollectable under the statute of limitations.
The list of 57 uncollectable accounts includes 14 with paid security deposits and 13 with credit balances.
Five board members voted in favor of accepting the list of businesses to be written off, with Phillips again abstaining.
Board members present for the meeting were Phillips, Robert O'Conner Jr., James Rodgers, Hector Peguero, Dean Plaskett and Leslie Milliner. Absent were Pamela Richards and Alva Swan.
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