St. Croix Chamber campaigns to pave the way for a new beginning for the VI Economy – urges senators to ratify the hovensa fourth amendment agreement
PRLog - Jul 29, 2013 - ST. CROIX, Virgin Islands, U.S. -- The St. Croix Chamber of Commerce launched a multi-tiered campaign voicing strong support for the ratification of the Hovensa Fourth Amendment Agreement.
The Amendment is the result of extensive negotiations between Hovensa representatives and Gov. John P. de Jongh, Jr. and his advisors. The Agreement authorizes and incentivizes Hovensa to sell the refinery while providing for a fair give-and-take between the Government and Hovensa.
The Chamber encourages all with a vested interest in the USVI economy to:
-Review the Amendment Download from St. Croix Chamber’s website in it’s entirety HERE.
-Review President Mark Eckard’s Remarks HERE.
-Sign The Petition HERE.
-Listen to 970AM's "Talk with Holland Redfield" Program on Tuesday, July 30, 2013 from 12:30 to 2:30 pm to learn more about this agreement. Radio Program details HERE.
-Attend a Town Hall Meeting Wednesday Night, July 31, 2013 at 7:00 pm at the UVI Great Hall at 7pm. More info available on the website HERE.
-Contact VI Senators directly to voice your opinion. Click here for the 30th Legislature website, which includes contact information to all of your Senators.
The USVI Legislature has until August 7, 2013 to ratify or reject the Agreement. RENEGOTIATING IS NOT AN OPTION. The amendment has been signed by the governor and company officials and requires an "up or down" vote.
At the Legislative hearing on Monday, July 22, 2013, St. Croix Chamber of Commerce President Mark Eckard testified in strong support of the ratification of the Fourth Amendment Agreement.
“We must seize every possible opportunity to ensure that something is done with the Hovensa refinery. This is why the Chamber of Commerce stood in strong support of the Governor’s negotiation strategy with Hovensa, well characterized by the Avis headline: Refine or Sell,” said Eckard, a St. Croix attorney with significant bankcruptcy expertise.
St. Croix Chamber of Commerce encourages all residents, former residents & anyone with a vested interest in helping St. Croix and the U.S. Virgin Islands with their economic recovery. Anyone that has worked in a refinery or lived in a community where a major employer has shut down understands what our territory faces right now. By supporting the Fourth Amendment Agreement, you are supporting St. Croix.
Additional excerpts from Attorney Eckard’s testimony:
We cannot allow 2000 acres of rusting metal to stand idle on our south shore – like some sort of industrial graveyard. The St. Croix Chamber of Commerce agrees that if the refinery facility cannot be used to employ Crucians and provide fuel for the economies of St. Croix and the Territory as a whole then Hovensa should be strongly encouraged to break down the refinery and remediate its sight.
But first, we must first do all we can to ensure that the refinery is marketed to potential buyers. And we must note that even Hovensa has stated their surprise at the level of interest that exists in purchasing the refinery. The Fourth Amendment Agreement does exactly that: it incentivizes Hovensa to sell the refinery to an operator who will use those 2000 acres on our south shore for the benefit of our island’s economy.
Having reviewed the Fourth Amendment Agreement, the Chamber is satisfied that the Agreement incentivizes Hovensa to sell the refinery with an appropriate balancing of give and take. We note that the 50% deferral of real estate tax payments is temporary and if Hovensa does not sell the refinery, it will have to pay the deferred amount of property taxes.
We note that if the refinery sells, Hovensa will pay 20% of sale proceeds to the Government, capped at $50 million. And we note that if the refinery does not sell, Hovensa must resume all of its obligations under its agreements with the Government, including its obligation to bid to supply discounted fuel to WAPA.
Perhaps most beneficial for the future viability of our island’s south shore industrial complex, we note that, if the refinery does not sell, Hovensa will be required to either execute on the requirements of its Consent Decree with the U.S. Environmental Protection Agency and make capital improvements – or – surrender its Clean Air Act permits.
For more information or to schedule an interview, please contact Perry Sheraw 340-514-4884 or news@stxchamber.org.
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St. Croix Chamber Urges Senators To Ratify The Hovensa Fourth Amendment Agreement
July 29, 2013 at 13:25 PM EDT
