Retirement Fund Chairman Sixto K. Igisomar told Variety on Monday, “The good news is that we did receive payments from PSS last Friday [June 24]. It was a substantial amount. I think they covered the entire lease plus more.”
At the conclusion of their June 24 board meeting on Rota, Igisomar said he received information that PSS had submitted a check for a “substantial” amount that would have covered the lease and utilities.
“The lease issue is taken care of by the check,” added the Retirement Fund board chairman.
During the Fund’s board meeting in April, the pension agency was scrambling to look for funds to cover for its projected $800,000 in shortfall for the current fiscal year. It was disclosed that among the collectibles that the Fund had to go after was uncollected rent and payment for utilities from PSS.
As of April 30, 2011, PSS owed the Fund over $180,000 in rent and utilities [close to $20,000 per month plus $63,000 in utilities].
In early May, it was reported that the PSS made a $50,000 payment.
With the agency’s lease with the Fund up for renewal, the pension agency would like the PSS to settle its arrears.
Earlier, PSS requested the Fund to reduce the rent due to the fiscal challenges that it is facing. From $2 per square foot of the third and second floors, the PSS was asking for $1 per square foot.
Moreover, in an interview with Variety Monday, Igisomar said “the renewal issue is a different issue. That is something we need to get back on the table and discuss.”
He said PSS is doing what it needs to do for its own fiscal accountability and responsibility. I know that PSS is a very responsible agency. They follow federal rules and regulations.”
For Igisomar, PSS is also having difficulty too.
Igisomar said the Fund accommodated the earlier request by PSS to reduce rent to $1 per square foot.
However, Igisomar said the only challenge is on the other conditions that the Fund required of PSS.
PSS lease expired on April 30 and the Fund gave the PSS two months grace period.
Igisomar said they would like the PSS to be up to date with payments and it complied.
“Now the next issue, whether we both agree on our renewal terms,” he said.
PSS has been occupying the second and third floors of the Retirement Fund building on Capital Hill since 2000.
