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(a) The Authority shall administer a program designed to assist in the development of hotels, resorts and related hotel facilities to increase opportunities in tourism enterprises in the Virgin Islands so as to facilitate and to accelerate opportunity for employment in these enterprises, particularly of unemployed and underemployed residents of the jurisdiction in which the hotel investment is to be made.
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(b) The Authority has the following powers in the administration of the Program:
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(1) To assist those persons interested in building new tourist hotels and resorts or other related tourist facilities in the Virgin Islands by maintaining and disseminating information regarding financing available through private and public sources through a Notes Issuer;
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(2) To grant assistance in the construction of hotels and resorts facilities and related infrastructure by offering certain tax incentives;
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(3) To review promptly and in reasonable order all applications and causes affecting the granting, suspension, renewal or revocation thereof for assistance under this chapter;
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(4) To promote due diligence to determine a Project’s eligibility for financial assistance to accomplish the purpose of this chapter;
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(5) To hold public hearing on applications considered for approval;
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(6) To require and collect application and administrative fees and charges as the Authority determines to be reasonable in connection with the exercise of any power given to the Authority under this chapter;
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(7) To assist developers to apply for and accept advances, loans, grants, contributions, gifts, donations, appropriations of funds and any other form of financial assistance from the Federal Government, or other private source for the purposes of this chapter;
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(8) To provide administrative and financial assistance on such terms and upon such conditions as the Authority may determine for the preparation of feasibility studies relating to an eligible project;
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(9) To enter into any agreements or contracts to execute any instruments and perform any acts or things necessary, convenient, or desirable for the purposes of the Program, including the entering into of agreements or contracts to provide for the payment of principal of and interest on any obligations issued, and to provide necessary reserves in connection with these obligations; and
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(10) To promulgate regulations the Authority considers necessary to achieve the objectives of this chapter.
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