- The Legislature finds and declares that:
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(a) The tourist, hotel and resort industry constitutes a major element of the Territorial economic structure;
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(b) Additional hotel accommodations and tourist facilities and services are essential to the further development of the Territory’s tourism industry;
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(c) Additional hotel accommodations and tourist facilities have a direct impact on the local economy through construction, wages, and other benefits and will grow the economy of the Virgin Islands;
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(d) The provision of such additional accommodations and facilities, particularly on the island of St. Croix, is declared for the purpose of assisting in the economic growth, restoration, and revitalization of certain underdeveloped areas;
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(e) In order to promote the tourism industry of the Virgin Islands, it is essential to provide, for the planning, financing, acquisition, construction, improvement, maintenance and operation of new hotels in the Territory;
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(f) The development of additional hotel accommodations and facilities is calculated to result in a significant contribution to the general public welfare and prosperity of the Virgin Islands; and
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(g) Using future gains in taxes to assist in the development of areas which would not otherwise happen solely through private investment in the reasonably foreseeable future has been proven to have a positive economic impact in their areas of operation.
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