The Public Finance Authority approved issuing $100 million in bonds for the redevelopment of Frenchman’s Reef on Monday.
The authority signed off on $75 million in Hotel Occupancy Tax Revenue Bonds and $25 million in Economic Recovery Fee Revenue Bonds for the St. Thomas property. Both were to help fund the Frenchman’s Reef Hotel Development Project.
The authority had made a similar bond-issuance move in 2022. In November 2020, the Economic Development Authority agreed to let Frenchman’s Reef Marriott Resort and Spa use 50 percent of its room tax for redevelopment and further renovations. In 2019, former owner DiamondRock Inc estimated it would take $300 million to reopen the 420-room resort. By 2022, after the project was sold to current owners Fortress Investment Group, the project had climbed to an estimated $428 million.
The authority also approved Monday the renewal of a contract for professional services between Benham and Hodge, PC and the Virgin Islands Public Finance Authority for three years. The Virgin Islands will pay $70,000 for accounting and auditing services.
A $39.99 million contract with Suffolk-CBNA Joint Venture to provide design and construction services to St. Thomas schools and other projects also was approved.
