SXMElections.com

~ NAf. 20M needed to finalise work to building ~ PHILIPSBURG--Government is finalising negotiations with general pension fund APS regarding investing in the new government administration building, says Prime Minister Sarah Wescot-Williams. Wescot-Williams told reporters on Wednesday that government needs some NAf. 20 million to finalise work to the building before it can be fully occupied. The NAf. 20 million includes the cost of outfitting the building and other works that need to be done. "What is happening right now is that we are finalising the negotiations with the APS pension fund. From the start when government sought to get back the building, we were having discussions as to how APS can be an investor in the building. So we are looking at how exactly we will undertake those different steps in collaboration with APS of course involving what could be considered a third party," she said. Additional time is needed as these discussions with APS take place. The plan that had been developed for the "course of action" to be followed leading up to various government departments occupying the new structure was updated on July 8. "Many things have changed" since the plan was first drafted. Several departments have also started to visit the new administration building to check it out. Government recently signed an agreement to pay development company RGM US $12,387,500 million (NAf. 22,297,500) to obtain full ownership of the new building and the land on which it stands on Pond Island. The building has been appraised at more than double the "buyout" price. The agreement represented a major stride in finalising the completion of the new government administration building, which had been unoccupied since the "shell" had been completed in 2008. The "buy back deal" included the deed, termination and settlement agreement, final mutual release agreement and cancellation and withdrawal of cases. The agreement means that government would pay the buyout sum to RGM and would in turn secure "full and unencumbered" ownership of the building and the land. The agreement also stipulates that the long lease that RGM has for the land will be terminated. RGM's Build Own Operate Transfer (BOOT) contract and the lease agreement for the building would also be terminated. Parties also agreed to withdraw all pending litigation related to the building and development agreement as well as give up the right to enforce any verdicts or court rulings that may currently exist.Sarah Wescot-Williams mentioned 3 times