An act approving the Reinstatement and Amendment to Lease Agreement between Government of the Virgin Islands, acting through the Commissioner of Property
Sponsored By: Milton E. Potter
Enacted
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Bill Overview
Analyzed Economic Effects
1 provisions identified: 0 benefits, 0 costs, 1 mixed.
Water Island developer gets lease with payments
The law approves a revised lease of about 180.21 acres to Water Island Development Company, LLC. It adds land and removes Tract C and the Catchment Area. The lease lasts 99 years, with a conditional two-year extension; the provided text does not state the extension conditions. Uses are limited to the Water Island Hotel and Marina, related facilities, homes, and related purposes. The amendment outlines plans to sell 55 acres of government land for homes. The company can acquire land outright by giving the government at least 15 days’ written notice before signing a residential purchase agreement. It must pay the government 6% of each residential unit’s gross purchase price and 100% of stamp taxes. Annual base rent starts at $120,000 after construction and rises to $240,000 at the 10th anniversary, paid in equal monthly installments. Rent rises 5% at the 25th anniversary and every five years afterward through the lease term.
Sponsors & Cosponsors
Sponsor
Milton E. Potter
legislature
Cosponsors
There are no cosponsors for this bill.
Roll Call Votes
No roll call votes available for this bill.
Actions Timeline
Enacted
8/7/2026legislatureTo Governor
8/5/2026legislatureFloor
8/4/2026legislatureIntroduced
7/31/2026legislature
Bill Text
Enacted Act
8/7/2026
Governor's Message
8/7/2026
Bill Text
7/31/2026
Related Bills
Bill No. 36-0393, An act amending Act No. 9035 to reprogram funds within the 2026 fiscal year budget for Virgin Islands Department of Health to provide a $2,500,000 appropriation
Lease 36-0293, An act approving the lease agreement between the Government of the Virgin Islands and The St. Thomas Cricket Association Inc. for Parcel No-2 of Tract
Bill No. 36-0192, An act amending title 34 Virgin Islands Code, chapter 15 to enact the Senior Financial Protection and Promissory Note Abuse Prevention Act of 2025
Bill No. 36-0290, An act granting a zoning use variance for Plot No. 104 Estate Concordia, Westend Quarter, St. Croix from the R-2 (Residential Low Density–One and Two Family)
Bill No. 36-0339, An act approving the lease agreement between the Government of the Virgin Islands, acting through the Commissioner of the Department of Property and Procurement,
Bill No. 36-0392, An act amending title 33 Virgin Islands Code, chapter 111 creating the Virgin Islands Contractor Bonds Cost Revolving Loan Fund