Resolution of the Board of Trustees of the University of the Virgin  
Islands to Suspend Work on the Development of the Hotel Project 
 
WHEREAS, the Board of Trustees of the University of the Virgin Islands (the University) 
established the Ad Hoc Hotel (AHH) Committee for the purpose of overseeing the process for 
selecting and recommending to the Board of Trustees a developer for the Hotel Project, on 
University-owned property at Estate Adelphi on the St. Thomas Campus, on such terms and 
conditions as the AHH Committee deemed appropriate; and  
 
WHEREAS, the University issued a Request for Expressions of Interest (REI) for proposals to 
develop the Hotel Project; and  
 
WHEREAS, three entities responded to the REI; and 
 
WHEREAS, the AHH Committee found that two of the three entities did not meet the criteria of 
experience and financial strength established by the Committee; and 
 
WHEREAS, the AHH Committee found that GlobeVest Foundation was the only entity which 
met the criteria; and 
 
WHEREAS, the current state of the financial markets, particularly for hotel development, would 
result in few proposals for development of the Hotel Project; and 
 
WHEREAS, it is the recommendation of the AHH Committee that the Hotel Project be 
suspended until such time as market conditions and the economy improve; and 
 
WEREAS, it is further the recommendation of the AHH Committee that the qualified REI 
respondent be notified of the suspension of the project due to the depressed state of the financial 
markets; and  
 
. 
 
NOW THEREFORE BE IT RESOLVED BY THE BOARD OF TRUSTEES OF THE 
UNIVERSITY: 
 
Section 1.  
That the Hotel Project is hereby suspended until the financial market and the 
economy improve, and the AHH Committee is hereby disbanded. 
 
 
Section 2.  
That the President is authorized and directed to suspend work on the Project until 
such time as he determines that condition of financial markets and economy have  
improved sufficiently to pursue development of the Project, at which time he shall  
notify the Board of that determination. He is further directed to notify the REI 
respondents of the suspension of the Project. 
 
Section 3.   
That this resolution shall be in full force and effect from and after its adoption. 
 
 Ad Hoc Hotel Committee Dissolution Resolution 
Page 2 
 
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CERTIFICATION 
 
The Undersigned hereby certifies that the foregoing is a true and exact copy of a resolution 
approved by the Board of Trustees of the University of the Virgin Islands at a meeting on 
October 31, 2009 as recorded in the minutes of that meeting. 
 
 
 
 
 
 
 
October 31, 2009 
___________________________________  
 
________________________ 
              Secretary of the Board 
 
 
 
 
          Date