Home News Local news TURNBULL SAYS V.I. NEEDS TO BE MORE INVESTOR FRIENDLY

TURNBULL SAYS V.I. NEEDS TO BE MORE INVESTOR FRIENDLY

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Gov. Charles W. Turnbull has expressed regret about the decision by Beal Aerospace to discontinue its efforts to locate its corporate headquarters on St. Croix.
In a press release late Sunday night Turnbull said, "I have spoken to Beal officials about their decision and requested them to reconsider. They promised to take the matter under advisement."
The governor went on to say that the Virgin Islands needs to reconsider how it treats potential investors.
"If we are serious about wanting new investments, we must work harder to welcome and encourage outside investors and avoid setting up unnecessary barriers to development. We must become more investor friendly if we are to compete in the newly developing global economy."
On Friday afternoon in a three sentence statement Beal announced its intention to abandon efforts to build its corporate offices and primary assembly facility on St. Croix, and to instead seek expansion opportunities in the United States.
The statement came after news earlier last week that the State of Florida offered the company an unspecified incentive package to locate the assembly and headquarters facility with the Spaceport Florida Authority at Cape Canaveral.
Beal was also forced into court after the governor and the Legislature had approved a land swap agreement between the company and the V.I. Government that would have given the company property held in public trust at Great Pond Bay where the company wanted to construct its facility in exchange for other land elsewhere owned by Beal.
On Dec. 15 Territorial Court Judge Alphonso Andrews granted a permanent injunction stopping the land swap.
Sen. Alicia "Chucky" Hansen, who asked for the injunction, broke down and wept in the court room after Andrews' decision, saying she was finally supported in her efforts to protect the people's rights.
At the time Beal said they planned to appeal the decision. The company's short release on Friday gave no indication why the company changed its mind.

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