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GERS Board Approves Management Agreement Contract with WICO

(Friday, September 19, 2014)
In the Regular Meeting of the GERS Board held on Thursday, September 18, Trustees approved the Management Agreement with the West Indian Company to manage the Havensight Mall.

In the Regular Meeting of the GERS Board held on Thursday, September 18, Trustees approved the Management Agreement with the West Indian Company to manage the Havensight Mall.

The Board also took the following actions: 
  • Voted not to approve the term sheet for Tibbar Energy USVI, LLC that was submitted by Standard International Group.
  • Suspended all Alternative Investments not approved as of September 18, 2014, and all future Alternative Investments, until further action by the Board.
  • Approved Bert Smith & Co. to perform the Fiscal Year 2014 Financial Audit. 
  • Approved discounted property tax payments for Carambola in the amount of $109,042.61 and $80,505.75 for liability insurance.
  • Approved amendment to Carambola Northwest, LLC (CNW LLC) bylaws for flexibility for the CNW LLC Board to approve change orders of $25,000.00 or less.
  • Approved a contract for $137,600.00 plus costs with BCA Watson Rice to perform accounting work for Carambola Northwest, LLC, develop a fixed assets schedule, and make adjustments to the trial balance, and prepare unaudited financial statements for audit for year ended December 31, 2013.
  • Increased the retirees’ loan application fee effective October 1, 2014, from $20.00 to $45.00.

All Board members were in attendance at Thursday’s meeting.

Click here to view this press release.