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COMMITTEE ON BUDGET, APPROPRIATIONS AND FINANCE 03/18/2024-REPORTED OUT TO THE COMMITTEE ON RULES AND JUDICIARY BILL NO. 36-0028 Thirty-Sixth Legislature of the Virgin Islands February 27, 2025 An Act approving the lease agreement between the Government of the Virgin Islands and Tropical Marine, Inc., for Parcel No. 37-1 Estate Nadir, No. 2 Red Hook Quarter, St. Thomas, Virgin Islands and a portion of unsurveyed Estate Nadir, No. 2. Red Hook Quarter, St. Thomas, Virgin Islands PROPOSED BY: Senator Milton E. Potter, by Request of the Governor WHEREAS, on December 16, 2024, the Government of the Virgin Islands, acting 1 through the Commissioner of the Virgin Islands Department of Property and Procurement, and 2 Tropical Marine, Inc., entered into a lease agreement for Parcel No. 37-1 Estate Nadir, No. 2 3 Red Hook Quarter, St. Thomas, V.I., consisting of 20,908.8 U.S. sq. ft. or 0.48 U.S. acres, 4 more-or-less, zoned “W-1” (Waterfront-Pleasure), as shown on P.W.D. File No. G3-103-T63 5 and a portion of unsurveyed Estate Nadir, No. 2 Red Hook Quarter, St. Thomas, Virgin Islands, 6 consisting of 7,083 U.S. sq. ft. or 0.163 U.S. acres, more-or-less, zoned “W-1” (Waterfront- 7 Pleasure), as shown on P.W.D. File No. D9-3897-T87; 8 WHEREAS, on January 15, 2025, the Governor of the Virgin Islands approved the lease 9 agreement between the Government of the Virgin Islands and Tropical Marine, Inc.; 10 WHEREAS, the premises is leased for an initial term of 50 years, with an option to 11 renew for two additional terms of 10 years, at an initial annual rent of $30,000 payable in equal 12 2 monthly installments of $2,500, with a discounted monthly rent of $2,000 for months one 1 through twenty-four or until completion of improvements, whichever date is earlier; 2 WHEREAS, the premises will be used to operate a retail shop, marine engine repair 3 shop, a parking lot and for the import and sale of goods, and for other related purposes; 4 WHEREAS, title 31 Virgin Islands Code, part II, chapter 21, section 205, subsection (c) 5 provides that in addition to the Governor's approval of a lease, the Legislature of the Virgin 6 Islands must also approve the lease; Now, Therefore, 7 Be it enacted by the Legislature of the Virgin Islands: 8 SECTION 1. Pursuant to 31 V.I.C. § 205(c), the Legislature of the Virgin Islands 9 approves the lease agreement between the Government of the Virgin Islands and Tropical 10 Marine, Inc., for Parcel No. 37-1 Estate Nadir, No. 2 Red Hook Quarter, St. Thomas, Virgin 11 Islands consisting of 20,908.8 U.S. sq. ft. or 0.48 U.S. acres more-or-less, zoned “W-1” 12 (Waterfront-Pleasure), as shown on P.W.D. File No. G3-103-T63 and a portion of unsurveyed 13 Estate Nadir, No. 2 Red Hook Quarter, St. Thomas, Virgin Islands, consisting of 7,083 U.S. 14 sq. ft. or 0.163 U.S. acres more-or-less, zoned “W-1” (Waterfront-Pleasure), as shown on 15 P.W.D. File No. D9-3897-T87, for an initial term of 50 years, with an option to renew for two 16 additional terms of ten years, at an initial annual rent of $30,000 payable in equal monthly 17 installments of $2,500, with a discounted monthly rent of $2,000 for months one through 18 twenty-four or until completion of improvements, whichever date is earlier. The premises will 19 be used to operate a retail shop, marine engine repair shop, a parking lot and for the import and 20 sale of goods, and for other related purposes. 21 BILL SUMMARY 22 The bill approves a 50-year lease between the Government of the Virgin Islands and 23 Tropical Marine, Inc., for Parcel No. 37-1 Estate Nadir, No. 2 Red Hook Quarter, St. Thomas, 24 Virgin Islands consisting of 20,908.8 U.S. sq. ft. or 0.48 U.S. acres more-or-less, zoned “W-1” 25 3 (Waterfront-Pleasure), as shown on P.W.D. File No. G3-103-T63 and a portion of unsurveyed 1 Estate Nadir, No. 2 Red Hook Quarter, St. Thomas, Virgin Islands, consisting of 7,083 U.S. 2 sq. ft. or 0.163 U.S. acres more-or-less, zoned “W-1” (Waterfront-Pleasure), as shown on 3 P.W.D. File No. D9-3897-T87, to operate a retail shop, marine engine repair shop, and a 4 parking lot; and for the import and sale of goods, and for other related purposes. 5 BR25-0258/February 3, 2025/GC 6 G36-001 7