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(a) A person wishing to develop a hotel shall apply to the Authority on forms prescribed and made available by the Authority.
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(b) Before a hotel development project is approved, the applicant must produce a letter of intent from a financial institution and a copy of all documents submitted to the financial institution. The application for certification must contain the following information:
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(1) Description of the proposed land with the appropriate zoning to construct the Project;
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(2) A proforma projection of the revenues and expenses of the Project;
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(3) An assessment of the financial feasibility of the Project;
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(4) A schedule of the timing and phasing of the Project prepared no earlier than six months before the date the application is submitted; and
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(5) Such other information as the Authority may require.
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(c) To be eligible for benefits under this chapter, the project must be:
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(1) located on the island of St. Croix; or
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(2) located on the island of St. Thomas, St. John or Water Island.
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(d) The Authority shall establish by regulations comprehensive eligibility requirements for applicants’ participation in the Program.