Published On: Sat, Sep 24th, 2016

Pension fund APS signs deed for parking facility


GREAT BAY – With a deed signed before a notary as well as a purchase and sale agreement reached between parties concerned, the way has been paved for construction of new parking facilities on Pond Island near the new government administration building.

The long anticipated facilities are a project of the General Pension Fund, APS, which signed the deed to the area where the facilities are to be constructed, on Thursday. Earlier a sale and purchase agreement was also signed by APS with the government of St. Maarten.

Finance Minister Richard Gibson and VROMI-Minister Angel Meyers, signed that agreement on behalf of the government while APS chairman of the board Franklyn Richards and board member Guilliano Saturnilia signed on behalf of APS.

Prior to this recent development, the St. Maarten government and APS entered into a preliminary debt settlement agreement on February 5, 2016 with respect to the payment of the debt that St. Maarten has with APS for an amount of over 83 million guilders.

The sale of the parcel of land is part of the agreement reached to reduce the debt owed to APS by the country. With a value of just under 4.5 million guilders, the debt will be reduced to about 79 million guilders. This remaining amount will be settled with funds coming from the settlement of the division of assets of the former Netherlands Antilles and from the sale of the new government building to SZV.

APS is now the owner of the parcel of land located in Philipsburg, bounded to the south by the parcel of land on which the New Government Administration Building is constructed on Pond Island.

APS plans on use the land to erect and exploit a multi-story parking facility and commercial units was agreed upon in the debt settlement agreement in February.

Photo caption: From left Chairman Franklyn Richards, Minister Richard Gibson Sr., notary Faride Tjong Ajong (standing), Minister Angel Meyers, APS board member Guilliano Saturnilia, APS Secretary of the Board and Senior Advisor Research & Development Kendra Arnell and APS director Nadya van Putten. Photo contributed