$4.9M GERS building on St. Croix slated for completion in 2006

So GERS is broke but the can find $5 million for a new building? From the Daily News:

ST. THOMAS - The V.I. Government Employee's Retirement System expects construction of its $4.9 million headquarters on St. Croix to begin soon.

GERS board of trustees signed the contract with St. Croix-based Best Construction Inc. on Aug. 1 after confirming that the company received an insurance bond on the project, trustee Raymond James said at the agency's monthly meeting on St. John on Thursday.

Trustees did not say specifically when the work will begin.

The two-story, 6,000-square-foot building will be in Orange Grove, Christiansted.

The project is expected to create 100 construction jobs and is scheduled for completion in 2006.

GERS officials have said the facility will better suit the needs of GERS's members, retirees and beneficiaries on St. Croix because it is larger and will give the staff easier access to records now stored on St. Thomas.

The new facility, which will be behind GERS's current location adjacent to the Casino Control Commission office, will be easily accessible by disabled people.

GERS officials expect to make money on the new facility by increasing the value of the agency's real estate portfolio and revenues from renters. It plans to rent out its current location and some of the space in the new facility, which will include a day-care center and a teleconference center.