Business

Port Authority To Expand St. Croix, St. Thomas Airports, Build New Parking Facility In Cruz Bay

In a recent meeting with members of the 31st Legislature, the Virgin Islands Port Authority (VIPA) Board announced a number of capital projects and facility upgrades the authority has planned for fiscal year 2015. Port Authority Executive Director Carlton Dowe said upgrades are expected to begin at the Gallows Bay Marine Terminal, development of a paid parking facility in Cruz Bay, and construction of a U.S. Customs and Border Protection facility at Red Hook's Urman Victor Fredericks Marine Terminal. Dowe also said there is planned expansions for both the St. Croix and St. Thomas airports, costing $70 million and $30 million, respectively. VIPA, a semi-autonomous government agency, proposed a budget of roughly $40 million for the planned capital improvements. Officials say they expect the budget to total nearly $133 million over the next five years. Port Authority officials also say the agency had successfully closed on bond financing. It had received $55 million with an interest ...