The Public Finance Authority board of directors, chaired by Gov. Albert Bryan, on Monday, approved a $103 million contract with Suffolk Construction Company, Inc. to construct the St. Thomas Healthcare Bundle — a major milestone in the Rebuild USVI Initiative.
The project bundle includes the rebuilding of the Knud Hansen Tower and the Knud Hansen building, the demolition of the mental health building, renovations to the John S. Moorehead Municipal Complex and the construction of the new Queen Louise Home for the Aged. All are part of the Rebuild USVI Initiative.

Office of Disaster Recovery Director Adrienne Williams-Octalien stated that two bids were received and reviewed, with Suffolk being selected due to its relevant experience and comprehensive documentation. The construction is projected to take three years. She noted ODR has grouped projects into bundles — such as health care and education — to improve efficiency. In response to a question from Bryan, she said four bundles are now under contract.

The board also agreed to amend the contract for professional services the authority has with Resolution Economics, increasing the contract cost by $ 330,425.90, making the total contract cost $857,925.95. Nathan Simmonds, PFA director of administration, said the scope of the work being performed by the firm was much more than had been anticipated.

Fiscal Strategies has been working with the authority for two years and because of board approval, Monday will be working at least two more. Each year, it is paid $330,000. Its contract with PFA expired recently, and staff asked that it be renewed for another two years with another two-year option.

Bryan said the firm had been doing a lot of work for the government and it might be of assistance in resolving some of the debt issues facing semiautonomous agencies such as the Waste Management Authority.

Before the PFA board meeting, a meeting of the Matching Fund Special Purpose Securitization Corporation was held, also chaired by the governor.

The corporation approved the payment of $145,000 to the PFA in reimbursements.

Bryan mentioned that the rum coverall had been set permanently at $13.25, but the Virgin Islands lost $90 million during the three years it was collected at the $10.50 rate. He said efforts would be made to recoup that $90 million.