PFA Approves First "Rebuild USVI" Contracts, Greenlights $100 Million Bond Issuance For Frenchman’s Reef

The V.I. Public Finance Authority has approved the first contract under the RebuildUSVI program, for public schools on St. Thomas. Board members also approved the extension of a longstanding contract with a local accounting firm, and the issuance of bonds up to $100 million in total, as part of a previously agreed development deal for the Frenchman’s Reef hotel property. In June, a request for proposals was sent out for the rebuilding of healthcare facilities on St. Croix, as well as several schools on St. Thomas. “The projects in that bundle included the Lockhart Elementary School, Ivanna Eudora Keane High School, Jane Tuitt Elementary School, [Yvonne E. Milliner] Bowsky Elementary School…[E. Benjamin Oliver] EBO Elementary School and the St. Thomas Administrative Center,” noted Adrienne Williams-Octalien, director of the Office of Disaster Recovery.  There were two respondents to the RFP for the St. Thomas schools, the Consilgi-Benton joint venture, as well as the Suffolk-CBNA join...