Meeting only in executive session this week, Government Employees Retirement System board members voted on a new agreement with the West Indian Company Ltd. for the management of the Havensight Mall on St. Thomas but, at this point, the terms and conditions have not been finalized.

According to GERS spokeswoman Lorraine Gumbs-Morton, the agreement is for five years, with WICO getting a 6 percent management fee. Gumbs-Morton explained that the fee is 6 percent of all revenues collected from the Havensight tenants; WICO manages the mall for GERS, which owns the property.

Gumbs-Morton said a few items still have to be worked out before the agreement is final. Meanwhile the board approved a $41,500 contract with Jaredian Design Group to begin site-planning studies for repairs and renovations to the old WICO office building on the upper part of the Havensight property.

“Renovations will include repairs to portions of the existing metal roof, providing handicap access to both floors of the building, refurbishing the interior and constructing a new parking facility south of the second floor,” according to a recent GERS press release.

Gumbs-Morton said Friday that the building will be used for office space and workshops.