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Senate finance committee advances 50-year lease renewal for Tropical Marine Inc. in Red Hook
Summary
The Committee on Budget, Appropriations and Finance voted to approve a 50-year lease with two 10-year options for Tropical Marine Inc., allowing expansions and upgrades to the Red Hook marina. The lease sets initial annual rent at $30,000 with a two-year construction period and requirements for insurance and permits.
The Committee on Budget, Appropriations and Finance approved bill 36-0028 on March 18, 2025, voting to forward the proposed lease between the Government of the U.S. Virgin Islands and Tropical Marine Inc. for parcel 37-1, Estate Nada No. 2, Red Hook, St. Thomas, for further consideration by the Committee on Rules and Judiciary.
The approved measure would renew a legislative lease in favor of Tropical Marine — a family-owned marina business that, testifying to the committee, said it has operated at the site since 1980. Assistant Commissioner Vincent Richards of the Department of Property and Procurement told the committee the lessee has been on the site since November 2005 and has a record of keeping its account in good standing. Richards…
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