PHILIPSBURG--General Pension Fund APS will be constructing a 400-space multi-level parking facility in Philipsburg.
The parking facility will be constructed on one of two plots of land APS acquired from Government as part of a deal to help reduce Government’s debt to the pension fund.
Prime Minister William Marlin said the construction of the parking facility was expected to start this year and would take several months to complete.
He said it appeared as though one level of the parking facility would be reserved for Government’s use and the other three levels would be for the public. “If they make an investment in the facility, they will look for a return on their investment. It’s not a gift,” Marlin said.
APS is expected to generate a return of 5.5 per cent yearly on this. The return is intended to ensure that the pension fund can increase its capital to meet current and future obligations to participants.
The multi-level parking facility will be constructed on the plot of land North of the new Government Administration Building. The second plot of land given to APS will be used for the construction of the Block D extension of the new Government Administration Building.
In an effort to settle a debt of NAf. 83 million to APS, Government engaged in an “asset swap” and transferred two parcels of Government-owned land to APS. This reduced the debt by NAf. 4.45 million – the amount at which the land had been appraised.
