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COMMITTEE ON BUDGET, APPROPRIATIONS AND FINANCE 02/03/2026-AMENDED AND REPORTED OUT TO THE COMMITTEE ON RULES AND JUDICIARY 11/17/2025-HELD IN COMMITTEE BILL NO. 36-0199 Thirty-Sixth Legislature of the Virgin Islands October 27, 2025 An act approving the lease agreement between the Government of the Virgin Islands, acting through the Commissioner of the Department of Property and Procurement, and Accent Property Management, LLC. for Parcels No. 123 and 129 Submarine Base, South Side Quarter, St. Thomas, to develop the premises to operate, establish, and manage a slate of subtenants, pursuant to an approved development plan PROPOSED BY: Senator Milton E. Potter by Request of the Governor WHEREAS, on December 11, 2025, the Government of the Virgin Islands, acting 1 through the Commissioner of the Virgin Islands Department of Property and Procurement, and 2 Accent Property Management, LLC., entered into a lease agreement for Parcel No. 123 3 Subbase, St. Thomas, Virgin Islands, consisting of 39,240 U.S. sq. ft. or 0.90 U.S. acres of land 4 more or less, containing one building, other structures, and parking surfaces, zoned I-2 5 (Industrial-Light), as shown on File No. D9- 941-T71 and Parcel No. 129 Subbase, St. Thomas, 6 consisting of 30,675 U.S. sq. ft. or 0.704 U.S. acres of land more or less, containing two 7 buildings, other structures, and parking surfaces, zoned I-2 (Industrial-Light), as shown on File 8 No. D9- 953-T71, for the development, construction, establishment, management, and 9 operation of a variety of subtenant businesses; 10 WHEREAS, on December 12, 2025, the Governor of the Virgin Islands approved the 11 lease agreement between the Government of the Virgin Islands and Accent Property 12 Management, LLC.; 13 2 WHEREAS, the premises is leased for an initial term of 30 years, with an option to 1 renew for three additional terms of 10 years each, at an initial annual rent of $144,000 payable 2 in equal monthly installments of $12,000, with a discounted monthly rent as follows: $6,000 3 for months one through twelve; $8,000 for months thirteen through twenty-four; $9,000 for 4 months twenty-five through thirty-six; and $10,000 for months thirty-seven through sixty, or 5 until completion of construction and financial stabilization, whichever date is earlier;” 6 WHEREAS, title 31 Virgin Islands Code, chapter 21, section 205, subsection (c) 7 provides that in addition to the Governor’s approval of any lease, the Legislature of the Virgin 8 Islands must approve all leases exceeding a term of one year; Now, Therefore, 9 Be it enacted by the Legislature of the Virgin Islands: 10 SECTION 1. Pursuant to title 31 Virgin Islands Code, section 205, subsection (c), the 11 Legislature of the Virgin Islands approves the lease agreement between the Government of the 12 Virgin Islands, acting through the Commissioner of the Virgin Islands Department of Property 13 and Procurement, and Accent Property Management, LLC., for Parcel No. 123 Submarine 14 Base, St. Thomas, Virgin Islands, consisting of 39, 240 U.S. sq. ft. or 0.90 U.S. acres of land 15 more or less, containing one building, other structures, and parking surfaces, zoned I-2 16 (Industrial-Light), as shown on File No. D9- 941-T71 and Parcel No. 129 Submarine Base, St. 17 Thomas, consisting of 30,675 U.S. sq. ft. or 0.704 U.S. acres of land more or less, containing 18 two buildings, other structures, and parking surfaces, zoned I-2 (Industrial-Light), as shown on 19 File No. D9- 953-T71, for an initial term of 30 years, with an option to renew for three 20 additional terms of 10 years each, at an initial annual rent of $144,000 payable in equal monthly 21 installments of $12,000, with a discounted monthly rent as follows: $6,000 for months one 22 through twelve; $8,000 for months thirteen through twenty-four; $9,000 for months twenty- 23 five through thirty-six; and $10,000 for months thirty-seven through sixty, or until completion 24 of construction and financial stabilization, whichever date is earlier. The premises will be used 25 3 for the development, construction, establishment, management, and operation of a variety of 1 subtenant businesses. 2 BILL SUMMARY 3 This bill approves the lease agreement between the Government of the Virgin Islands 4 and Accent Property Management, LLC., to develop the premises to operate, establish, and 5 manage a slate of subtenants, pursuant to an approved development plan. 6 BR25-0887/October 23, 2025/PFA 7 G36-037 8 ..\..\..\..\AMENDS\36th Legislature\POTTER, MILTON E\Amendment 36- 9 671\Amendment No. 36-671- DRAFTED ON YELLOW.docx 10