This article was taken from www.nevisblog.com and discusses Luciano (Lu) Galasso’s involvement with the project, the benefits of this project for St. Kitts and outlines the development itself.

Century 21 To Market St. Kitts Marriott Condominiums

Century 21 Group Signs Agreement With Marriott
Photo By Erasmus Williams

Basseterre, St. Kitts

Resort Acquisitions and Developments Ltd, owners of the former Angelus Property, has signed a Residential Marketing License agreement with Marriott Worldwide Corporation thereby branding the new project as the “The St. Kitts Marriott Condominiums.”

The first phase of the project, at a cost of which will cost US$125 million, will see the construction of four buildings comprising 270 units on the 10-acre site of the former Angelus Resort. The company also owns an additional 12 acres adjacent to the St. Kitts Marriott Beach Resort and Royal Beach Casino, the Marriott Vacations Club and the Royal St. Kitts Golf Course.

“This branding indicates the ongoing confidence of the Marriott Organization in the people and Government of the St. Kitts and Nevis as it continues to support the development on the Island of St. Kitts,” the company said in a statement following the signing of the agreement with Century 21 Island Reality on Wednesday.

According to the statement, it allows the existing Marriott Resort complex to be complimented with a whole ownership component as having a whole ownership product, together with a hotel, and the Marriott Vacation Club’s fractional ownership component, will allow the St. Kitts Marriott Resort and The Royal Beach Casino to compete on a worldwide basis.

Although they have several offices throughout the North Eastern Caribbean, Century 21 Island Realty is a new member of the St. Kitts business community, having recently opened an office in Port Zante.

“We welcome them and wish them great success on St. Kitts and with the St. Kitts Marriott Condominiums,” said the statement.

President of Operations at Century 21, Mr. Daunesh Alcott, who signed on behalf of the company expressed excitement with the investor-friendly climate in St. Kitts and the development projects that are moving full steam ahead.

The Marriot Condominiums, with all of its already-built amenities and impeccable reputation, will certainly be one of the most sought after residences for buyers who wish to live or invest in St. Kitts.  I also believe that having the largest real estate company in the world, Century 21, affiliated with the Marriott Condominiums will be great for both organizations,” said Alcott.

He added that it will provide potential buyers with an extra level of comfort and security when purchasing these great new condos.”

Century 21 Country Manager, Kittitian-born Mr. Nigel Rawlins said both companies have a long and storied tradition, and consumers recognize both brand names worldwide.

“We are putting the finishing touches on the website and collateral materials and look forward to releasing more information about this great project shortly.”

Lu Galasso, who signed on behalf of the St. Kitts Marriott Condominiums, expressed thanks on behalf of Mr. Vic De Zen, acknowledged that the expansion of the existing Resort with the whole ownership product, The St. Kitts Marriott Condominiums, will complete the product offering at the Resort.

Mr. De Zen and his partners are the largest single investors in the tourism industry in St. Kitts, and this new development reiterates their commitment to the expansion of the tourism industry in the Federation.

The first phase of this expansion will encompass 10 acres of the former Angelus property and the development cost is estimated to be in excess of US$125,000,000.

Witnessing the signing ceremony were St. Kitts and Nevis Prime Minister and Minister of Tourism, Hon. Dr. Denzil L. Douglas; Attorney General and Minister of Justice and Legal Affairs, Dr. the Hon. Dennis Merchant; Chief Secretary, Mr. Joseph Edmeade and Mr. Gino Minicucci of Royal Beach Development.

Lu Galasso & St Kitts Government Officials

BASSETERRE, St. Kitts – The demolition of a building on the former Angelus Resort property yesterday (July 10) marked the first step in the development of a residential project undertaken by the developers of the Royal St. Kitts Beach Resort Ltd.

The single largest private investor in the tourism industry in St. Kitts, The Developer, secured the licensing for the project from Marriott International earlier this year, and has named Century 21 Island Realty as the exclusive sales agent for the project. The new project, dubbed Marriott Residences, is a whole ownership residential project to be developed on the 30-acre site of the former Angelus Resort and is to be integrated with the existing St. Kitts Marriott Resort.

Each phase of the proposed development will comprise of a stand-alone building of approximately 100,000 square feet, offering a variety of floor plans from studio units of 700 square feet, to a four-bedroom penthouse unit of 3,500 square feet.

During a brief demolition ceremony held yesterday, Lu Galasso, speaking on behalf of owner Vic De Zen and his partners, said he is pleased to mark the next step in the progress of the development of the Marriott Residences with the demolition of the unfinished building structure on the property.

He added that the branding of the product acknowledges the confidence that The Developer, the Marriott and Century 21 Island Realty have in the Federation, despite the challenges facing the two islands due to the global financial crisis.

“This proposed project is a natural extension to the existing St. Kitts Marriott Resort and Royal Beach Casino. The St. Kitts traveler will have access to a full range of Marriott branded products in one complex, ranging from a short stay of several nights at the Marriott hotel, to fractional ownership of a week or more at the Marriott Vacation Club International, to a whole ownership experience with the Marriott Residences,” Galasso said.

Prime Minister of the Federation Hon. Dr. Denzil Douglas said the demolition ceremony reaffirms a pledge he made to himself several years ago to strive to promote beneficial initiatives regardless of the immediate circumstances. He added that as the region struggles, especially with tourism developments, the nation is moving forward with much promise.

“Logic and reason and all the evidence throughout the region tell us that new projects are simply not on the cards and that major tourism projects are contracting…definitely not expanding. Yet, here we are today on the threshold of yet another chapter in the partnership between the Marriott Hotel, the Government and people of St. Kitts-Nevis. This is a chapter that I welcome.”

Douglas, who also serves as Minister of Tourism, said the partnership between the Government and De Zen has been one of mutual benefit. He noted that to the developer the islands represent good investment opportunities while, to the Federation, the developers represent jobs and economic stimuli.

He stressed that he can envisage only benefits and opportunities coming out of the new Marriott-branded initiative.

“I look and I do not see a building that is to be demolished. I see hundreds of jobs. I look and I see contracts for our local entrepreneurs. I look and I see an expanded market for our farmers, opportunities for our florists, greater demand for our taxi operators and car rental agencies,” he said.

Ownership of the Angelus property had caused controversial legal battles in the past after the Government had moved to acquire the property from fraudulent owners. The Royal St. Kitts Beach Resort Ltd. subsequently invested US $125 million to acquire the property on April 17 of this year.

According to the Prime Minister, an agent from the Resort Acquisitions and Developments Ltd. is in contact with the former owners to see how best they can be compensated.

Article courtesy of http://www.sknvibes.com

Disability credits and deductions enhanced by the federal budget

Submitted By Lu Galasso

The 2000 Federal Mini Budget enhanced the disability, and medical expense tax credits. as well as the attendant care. and child care deduction. The Budget proposals are outlined
below.

Disability Tax Credit

Currrently the disability tax credit is available only to an individual who is unable. or who requires an inordinate amount of time. to perform one of a prescribed list of basic
activities of daily living, even with the aid of therapy and the use of appropriate devices and medication. The Budgetproposes to extend the benefit of the disability tax credit to those individuals who are capable of performing a basic activity of daily living only with the aid of therapy. In order to qualify for this extension. the therapy must be (i) essential to sustain a vital function of the individual. (ii) required to be administered at least three times weekly and for a period averaging at least 14 hours, and (iii) other than the kind that would be beneficial to people who are not so impaired. The Budget proposes toincrease tax relief to relatives of a child with a disability under the age of 18 by providing a supplement of $2,941. to be added to the existing credit that may be claimed in respect of the child. The amount of this supplement is to be reduced by the amount by which the total of the child care and attendant care expenses claimed for the year in respect of the child exceeds $2,000. While the basic disability credit is not refundable to the taxpayer. the unused portion of the individual’s disability tax credit may be transferred, under certain circumstances. to the individual’s spouse or to a supporting indi vidual. The Budget proposes to broaden the spectrum of relatives to whom the unused portion may be transferred to include the brother. sister. aunt. uncle. nephew or niece of the individual or of the individual’s spouse.

Medical Expense Tax Credit

The Budget proposes to broaden the categories of medical expenses that are eligible for the medical expense tax credit, effective for the year 2000 and subsequent taxation
years. Under the proposed changes, certain individuals who support a related person who lacks normal physical development or has a severe and prolonged mobility impairment may claim the medical expense tax credit for the portion of reasonable expenses related to the additional costs incurred in the construction of their principal place of residence to enable the person with a disability to have access to, or to function within the home. This tax credit directly reduces the amount of tax payable by the supporting person by 17% of the construction expense in excess of the lesser of 3% of the income of the individual claiming the expense and $1,637.

Attendant Care Expenses

For taxation years after 1997. a person with a disability could deduct the full cost of attendant care expenses incurred to allow the person to work, up to a maximum of two-thirds of his or her income. (In 1998. a $5,000 “cap” on the deduction was removed.) The Budget proposes to extend the deduction to individuals who incur the expenses in order to attend a designated educational institution or a secondary school. Where an individual attends school, the amount deductible will be capped at two-thirds of the individual’s earned income for the year plus two-thirds of the lesser of (a) the amount by which the individual’s income otherwise determined for the year exceeds hislher earned income (up to a maximum of $15,000), and (b) $375 multiplied by the number of weeks the individual attended the institution or school.

Child Care Expense Deduction

The Child Care Expense Deduction (”CCED”) was introduced in 1971 and was originally intended for oneparent families only. The Sub-Committee on Tax Equity for Canadian Families with Dependent Children recommended that the government review the CCED to ensure it effectively met its policy objectives. Instead of any fundamental change to the deduction, the Budget proposes an increase to the amount deductible in limited circumstances – the maximum annual deductible amount is increased to $10.000 from $7,000 for the year 2000 and subsequent years in respect of a child for whom a disability tax credit may be claimed. The Budget proposals are welcomed and will assist in defraying the costs of medical and artendent care for both children and adults.

If you would like to see an updated version of the EOH Meta Foundation Journal you can find the pdf version here (adobe acrobat or preview may be required): www.metacentre.ca/images/Journal%20September%202008.pdf