GERS discusses Havensight management contract with WICO behind closed doors


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ST. THOMAS - The Government Employees' Retirement System board approved a number of actions Thursday.

In the part of the meeting closed to the public, the board discussed the still-unsigned management contract with the West Indian Co. for the management of the Havensight Mall; however, no votes were taken on the matter.

The board took the following actions:

- Approved a $63,000 change order for Northshore Partners to remove water heaters and install outside closets, and rescreen porches on certain buildings at Carambola on St. Croix.

- Approved a $332,603 contract with Northshore Partners to pave the parking areas of Carambola with concrete.

- Approved an increase in the application fee for alternative investment proposals by $10,000 in each category to cover the cost to conduct background investigations of applicants. The new fees are effective Aug. 1.

- Approved the 2014 recipients for the GERS Scholarship as recommended by the Community Foundation of the Virgin Islands for St. Thomas, St. Croix and St. John.

- Approved the board's business and education travel and expense policy.

- Approved PIMCO's request to continue to hold a security in the portfolio based on the internal AA rating although Standard & Poor's withdrew the rating of the security because the obligation was nearly fully paid off.

- Approved to retain Saxena White as one of the GERS security litigation attorneys.

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