New Legislation Seeks To Buy Catherineberg From WICO For $3.3 Million

ST. THOMAS -- The West Indian Company (WICO), which is owned by the Government of the Virgin Islands (GVI), owns Catherineberg, commonly known as the Governor’s Mansion, that sits high atop Denmark Hill overlooking Charlotte Amalie. But new legislation proposed by Sen. Janette Millin Young is seeking to change ownership from WICO to the GVI for a payment of $3.3 million. There's a catch, however: WICO owes the government about 3.3 million in taxes, so the government won't actually pay WICO money; as the legislation's language makes plain: BILL NO. 31-0052 -- "An Act to authorize the Virgin Islands Government to purchase Estate Catherineberg from WICO by offsetting payments owed in lieu of taxes, as mandated by Act No. 5826, as amended." According to the measure, WICO is mandated by law to pay the GVI 10 percent of its annual revenue in lieu of taxes -- the total of which equates to $700,000. The measure also reveals that WICO hasn't met its obligation for the fiscal...