Turnbull administration officials told the Senate Finance Committee Wednesday that revenue projections for fiscal year 2000 include payroll taxes for the not-yet-approved Beal Aerospace project on St. Croix.
Finance officials also are factoring in revenue generated from the construction of HOVENSA’s approved, but not yet started, coker project.
The land exchange agreement between Beal and the V.I. government would essentially allow the company to proceed with its plans of building a rocket assembly plant and world headquarters on St. Croix’s Great Pond Bay. The Senate is expected to vote on the proposal Oct. 5.
Beal officials have said that if the land swap is not approved the company will scrap its plans for the territory.
On the other side, environmental and neighborhood groups opposed to the company’s plans to develop the Great Pond area have vowed to tie the project up in court if the exchange is approved.
Beal officials have said that approximately 250 construction jobs would be created in what would be a year-long building project. After construction, it is estimated that about 45 permanent jobs would be generated by the facility.
Meanwhile, in a letter to Finance Committee chairwoman Lorraine Berry, HOVENSA vice president Alex Moorhead indicated that at the height of the coker construction project in October, 2,005 workers will be employed.
"This projection assumes that all financing for the project is completed no later than Dec. 1, 1999," Moorhead said. "The project will be constructed over a period of approximately 24 months."
Work is expected to begin in January and continue until January 2002.
Angela Ramos Michael of the Office of Management and Budget said that the coker and Beal projects are expected to provide 2,667 jobs in FY 2000, or an increase of approximately 10 percent over the previous fiscal year.
Administration officials added that even in the absence of the projected construction jobs, they anticipate the number to increase because hiring for the 2000 census will begin. The census will employ 1,000 people in fulltime and part-time jobs.
