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CZM Approves Thatch Cay Development

Well I guess it was bound to happen:

May 15, 2008 -- In a landmark decision Tuesday evening, the Coastal Zone Management Committee approved residential development for Thatch Cay.

The development will provide for slightly more than 100 dwelling units, and includes infrastructure for water, power, waste disposal and other utilities and amenities.

"The applicant's objective, as described in the environmental-assessment report, is to develop ... a world-class residential community on Thatch Cay," the recommendation noted.

While most of the staff findings recommended approval without raising any objections, the recommendation did limit the developer only to the dock proposed for this development.

"Staff finds that it will be necessary to minimize any further alteration of the seabed surrounding Thatch Cay," the report said. "As such, no additional docks will be permitted for any future development."

I can't say this is a good idea. There are only so few places left in the world - every one doesn't have to be developed. I can understand why the owners/developers would, but personally it would be great to just say enough at some point. It can be done.

Christensen Calls for Investigation of Mail Delays

From The Source - it seems like people are really getting fed up with the mail issues in the USVI:

May 6, 2008 -- Fed up with ongoing mail delays in the territory, Delegate Donna M. Christensen has asked for an investigation by the U.S. Postal Service's inspector general.

"Whether it is the extraordinary length of time it takes for packages and periodicals to get to customers or packages not being delivered at all, the situation has become intolerable," Christensen said, according to a news release from her Washington office.

In her letter to the inspector general, Christensen asks for the investigation and the return to the practice of the Virgin Islands processing its own mail instead of having it processed in Puerto Rico. The letter was co-signed with Rep. Danny Davis (D-Ill.), chairman of the House Subcommittee on the Federal Workforce, Postal Service and District of Columbia.

PSC Puts Off Vote on WAPA Base Rate Hike

WAPA is looking for a rate increase:

May 8, 2008 -- After hearing the V.I. Water and Power Authority’s case for water and electric base rate increases, the Public Services Commission voted Thursday to postpone voting in order to gather more information and delay the impact on ratepayers.

WAPA Executive Director Hugo Hodge Jr. made an emergency request to increase the base water rate so WAPA can fend off the risk of technical default on $29.2 million in bond debt.

WAPA Chief Financial Officer Gregory Rhymer and Hodge said all payments are being made and there is no risk of any interruption in payments. The risk is of a technical default in the terms of the bond.

More here from the Source.

Groundbreaking ceremony at Pond Bay

A groundbreaking ceremony for Pond Bay, the new, lavish Private Residence Club on St. John, U.S. Virgin Islands. Pond Bay is located on a secluded 15+ acre beachfront private enclave and will offer 50 three-bedroom villas and cottages, ranging from 2,200 square feet to 4,300 square feet with luxury finishes, furnishing and accessories. Amenities will include a beach club and pool, clubhouse, athletic club, restaurant, fitness center and ESPA destination spa and is scheduled for completion in December 2008.

Pond Bay is the sister property of St. Barth’s highly acclaimed Isle de France and the latest addition to the expanding collection of luxury Private Residence Clubs throughout the world.

Governor John de Jongh and Commissioner of Tourism Beverly Nicholson-Doty will be in attendance at the groundbreaking ceremony.

Photo opportunities following the groundbreaking will be available.

Tuesday, April 29, 2008

4:30 PM-6:30 PM

Benefits of $41.5 Million Reimbursement Will Soon Reach Islanders

Economic stimulus checks are coming from the feds to the USVI:

"April 28, 2008 -- The Virgin Islands government will soon receive $41.5 million from the U.S. Treasury to give $600 checks to most of the territory's taxpayers.

Congress passed a $150 billion dollar economic stimulus package earlier in the year calling for cash rebates to every taxpayer, with the goal of jump starting the economy with a rush of consumer spending. Those with direct deposit of their taxes began getting money in their accounts Monday. But the rebates put the Virgin Islands and other territories with tax systems tied to the federal rates in a bind. Because the territory collects income taxes locally at the rates set for federal income tax, the rebate checks would have come directly out of the V.I. government till, putting the budget $41.5 million in the hole."

More here from The Source.

HUD chief resigns amid inquiries, mortgage crisis

This guy has been in hot water for awhile, and he also had a USVI connection:

"In the Virgin Islands, there are accusations that Mr. Jackson helped another friend, an Atlanta lawyer, secure nearly $1 million for managing the local housing authority."

More here.

Federal agency seeks public comment about leaks at refinery

From the AP:

CHARLOTTE AMALIE, U.S. Virgin Islands (AP) _ Federal authorities are seeking comment from U.S. Virgin Islands residents about groundwater cleanup and modifications to waste treatment operations at the Western Hemisphere's second-largest oil refinery.

U.S. Environmental Protection Agency officials joined representatives from Hovensa's refinery to pursue feedback on efforts to recover about a million gallons of oil spilled on the 1,500-acre refinery property in the 1980s.

The comment period ends April 26 regarding the ongoing cleanup and possible EPA permit changes at the giant Hovensa refinery on the south coast of St. Croix, where smokestacks stand adjacent to coral reefs and wildlife refuges.

Since recovery and treatment wells began operating in 1987, roughly 42 million gallons of petroleum waste has been reclaimed from the onsite groundwater at the refinery site, the EPA said in a statement.

While leaky sewer lines and tanks responsible for the property's pollution were repaired long ago, the federal agency says an estimated 1.2 million gallons of spilled oil still remains.

Hovensa, owned by New York-based Hess Corp. and Petroleos de Venezuela SA, the national oil company of Venezuela, is the largest private employer in the U.S. Virgin Islands. A spokesman for the company could not immediately be reached for comment.

V.I. Property Tax Reform System OKd by Court Expert

From the St. Thomas Source:

April 9, 2008 -- After a four-year effort, the V.I. government has finally met court mandates to put in place a comprehensive property tax reform and assessment system, according to the special master appointed by the judiciary to oversee the process. In late March, Joseph Hunt sent a favorable report to U.S. District Court Judge Curtis Gomez, saying that the government "is in compliance with the court's directive to put in place an assessment system and procedures that are proper and capable of producing credible and reliable assessments as required by law."

More here.

Grande Bay, St. John photo

Frank Barnako has a post up on his blog with recent photos of the 3 major construction projects on St. John - Grande Bay is below:

WYNDHAM HOTELS AND RESORTS will brand the 400-room Wyndham St. Croix Golf Resort & Casino

Travel Weekly chimes in on the Wyndham deal:

"WYNDHAM HOTELS AND RESORTS will brand the 400-room Wyndham St. Croix Golf Resort & Casino, scheduled to open in 2010. The resort will serve as the cornerstone of a $250 million complex that will include the St. Croix Conference Center. The 294-acre site near downtown Christiansted is a short drive from the airport. The resort will have a casino (the second on the island); a Jack-Nicklaus-designed golf course; a spa and fitness center; four restaurants; lounges; retail stories; and a kids' club. The property will be St. Croix's second chain hotel, joining the Divi Carina Bay Beach Resort & Casino."

Governor Uses Line-Item Vetoes to Modify Property Tax Bill

The St. Thomas Source has an article about the Property Tax Bill:

" March 11, 2008 -- A comprehensive property tax reform bill recently passed by the Legislature cuts an extra $27.4 million dollars from anticipated revenues for fiscal year 2008 and continues to throw this year's budget out of whack, the governor says.

While Gov. John deJongh Jr. signed a majority of the bill into law Monday, he line-item vetoed sections in which he said the reductions would be "too great a variance" for the government to absorb."

9 Lives: Wyndham St. Croix Golf Resort and Casino

This thing just won't die - it looks like the Golden Casino project on St. Croix is not only alive, but kicking (although with a different name!):

Feb. 27, 2008 -- Wyndham Hotels and Resorts will manage the long-delayed Golden Gaming casino resort project on St. Croix's South Shore, developer Paul Golden announced Wednesday morning at The Palms at Pelican Cove.

Wyndham Resorts made its own announcement, broadcast on CNN at 8 a.m. Wednesday. "Golden Gaming" no more: Henceforth the project will be known as Wyndham St. Croix Golf Resort and Casino.

"After seven and a half years, Golden Resorts couldn't be more pleased and honored to have Wyndham managing the property," Golden said. "Wyndham's past experience with their 24 properties in the Caribbean and Latin America gives us the benefit of their sales, marketing and reservations system, their triple-rewards program for their members, and their network of Wyndham vacation-ownership condos. And they are well-known, experienced managers of hotels and resorts."

Governor Calls Special Senate Session for Vote on Revamped Property-Tax Bill

The St. Thomas Source is reporting:

"Feb. 5, 2008 -- New changes will make the governor's property-tax bill more palatable for senators and allay residents' fears of having to pay two sets of property taxes in fiscal year 2008, Gov. John deJongh Jr. said Tuesday. The administration's first attempt at creating a comprehensive property-tax proposal was quashed recently by a split vote cast during the last legislative session. During a press conference held at Government House on St. Thomas, deJongh also said that he has called senators into special session Thursday morning to vote on the revised plan, which still contains many of the same provisions submitted to the Legislature months ago -- including increases in exemptions for elderly citizens and veterans, as well as the establishment of a multi-rate tax structure with four different property classes."

Condo buyers' case begins against Grande Bay Resort

Interesting Grande Bay news:

Contracted condominium buyers seeking court protection against being forced to close on their units at St. John's Grande Bay Resort began building their case on Monday before a V.I. Superior Court judge.

Two condominium buyers and a neighboring property owner testified during an eight-hour preliminary injunction hearing before Judge James Carroll III.

The buyers of 30 units argue in their lawsuit that at least a portion of the development's four buildings are environmentally and structurally substandard. They also contend that developer Bay Isles Associates LLLP has not delivered on promised resort amenities.

Rising from a 1.03-acre Cruz Bay beachfront site, the Grande Bay Resort includes 48 condominium units ranging in price from $350,000 to about $1 million.

The rest of the story is here.

A do-over for real estate values

Frank Barnako is reporting:

Published reports quote government officials saying villa owners - and everybody else with a stake in real estate in the territory - can expect some new numbers within a week or so. They may mean lower tax bills. Or not. It's said that Bearing Point, which conducted a review of all properties on the three islands, has been dealing with hundreds of complaints and appeals, a reported 660 on St. John alone. Bearing Point has reviewed some of its work, and some of the properties, and is going to issue re-revaluations within a week or two.

More about real estate values and residents reactions here from the VI Daily News.