COMMITTEE ON BUDGET, APPROPRIATIONS AND FINANCE 
 
BILL NO. 
36-0153 
 
Thirty-Sixth Legislature of the Virgin Islands 
 
 
 
September 10, 2025 
 
 
 
An act approving the lease agreement between the Government of the Virgin Islands, acting 
through the Commissioner of the Department of Property and Procurement, and Kobe 
Holdings, Ltd. for Parcel No. 35F Estate Nisky, No. 6 Southside Quarter, St. Thomas and an 
un-surveyed portion of Submarine Base, No. 6 Southside Quarter, St. Thomas for the purpose 
of commercial leasing, and for other permitted purposes 
 
 
 
PROPOSED BY:  Senator Milton E. Potter, by Request of the Governor 
 
 
WHEREAS, on June 10, 2025, the Governor of the Virgin Islands approved the lease 
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agreement between the Government of the Virgin Islands and Kobe Holdings, Ltd.; 
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WHEREAS, Kobe Holdings, Ltd., will be leasing (1) Parcel No. 35F Estate Nisky, No. 
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6 Southside Quarter, St. Thomas consisting of 18,077.4 U.S. sq. ft. or 0.415 U.S. acres of 
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unimproved land more-or-less, zoned “P” as shown on O.L.G. File No. D9-9594-T021; and (2) 
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an un-surveyed portion of Submarine Base, No. 6 Southside Quarter, St. Thomas consisting of 
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6,411 U.S. sq. ft. or 0.147 U.S. acres of unimproved land more-or-less, zoned “P” for the 
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purpose of commercial leasing, and for other permitted purposes; 
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WHEREAS, the construction period rent will be $1,000 per month for month one through 
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twenty-four of the lease agreement unless construction is completed earlier then thereafter, the 
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rent will be $24,000 per annum, payable in equal monthly installments of $2,000; and  
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2 
 
WHEREAS, title 31 Virgin Islands Code, chapter 21, section 205, subsection (c) provides 
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that in addition to the Governor’s approval of any lease, the Legislature of the Virgin Islands 
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must approve all leases exceeding a term of one year; Now, Therefore, 
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Be it enacted by the Legislature of the Virgin Islands: 
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SECTION 1.  Pursuant to title 31 Virgin Islands Code, section 205, subsection (c), the 
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Legislature of the Virgin Islands approves the lease agreement between the Government of the 
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Virgin Islands, acting through the Commissioner of the Virgin Islands Department of Property 
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and Procurement, and Kobe Holdings, Ltd., for Parcel No. 35F Estate Nisky, No. 6 Southside 
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Quarter, St. Thomas consisting of 18,077.4 U.S. sq. ft. or 0.415 U.S. acres of unimproved land 
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more-or-less, zoned “P” as shown on O.L.G. File No. D9-9594-T021 and an un-surveyed 
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portion of Submarine Base, No. 6 Southside Quarter, St. Thomas, Virgin Islands consisting of 
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6,411 U.S. sq. ft. or 0.147 U.S. acres of unimproved land more-or-less, zoned “P” for an initial 
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construction period of twenty -four months or less with an monthly rent of $1,000 and thereafter 
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an annual rent of $24,000 for an initial term of twenty years with an option to renew the lease 
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for two additional terms of ten years each, for the purpose of commercial leasing, and for other 
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permitted purposes. 
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BILL SUMMARY 
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This bill approves the lease agreement between the Government of the Virgin Islands and 
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Kobe Holdings, Ltd. for the purpose of commercial leasing and for other permitted purposes. 
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BR25-0679/June 18, 2025/PFA 
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G36-016 
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