§ 1307. Approval or denial; agreement; cure of defects; reimbursement of costs
(a) After receipt of the criteria set forth in section 1306, the Authority shall certify or deny certification of the proposed project under such procedures as may be established by regulations. In determining certification of the Project, the Authority shall consider the following criteria: (1) Whether the project is financially feasible; (2) Whether the project […]
§ 1206. Tax increment trust fund; mandatory contributions
(a) The Authority shall establish for each TIF area a tax increment trust fund. Funds allocated to and deposited into the fund must be made available to the Authority and the PFA, as security or otherwise, to finance or refinance any eligible project or TIF bond the Authority undertakes pursuant to the approved tax increment […]
§ 1208. Tax increment development plan; preparation; adoption; filing; modification
(a) After the filing of the certificate of the Chairperson of the Authority pursuant to section 1204, the Authority shall prepare or cause to be prepared a tax increment development plan for the TIF area after review of the proposed provisions of the plan by the agencies or departments as the Authority considers appropriate. After […]
§ 1209. TIF bond authorization
(a) The real property tax increment revenues and the gross receipts tax increment revenues that are declared to be dedicated pursuant to this chapter to the payment of debt service on TIF bonds, the provision and maintenance of reserves, and the payment of development costs constitute increment revenues as defined in section 1202 of this […]
§ 1210. Approval by the Legislature of the Virgin Islands
(a) Upon completion of negotiations with the development sponsor and holding of the required public hearing, the Authority shall submit the certified tax increment development plan to the Legislature of the Virgin Islands for its approval. The submission must include a description of the project, a listing of the public benefits to be derived from […]
§ 1211. TIF bond security
A series of TIF bonds may be secured by a trust agreement or trust indenture between PFA and a corporate trustee having trust powers, or by a secured loan agreement or other instrument giving power to the corporate trustee by means of which PFA may do the following: (a) Make and enter into any and […]
§ 1212. Default
If there is a default in the payment of the principal of or interest on any TIF bonds of a series after the principal or interest becomes due and payable, whether at maturity or upon call for redemption, or if the PFA or the Government of the Virgin Islands fails or refuses to carry out […]
§ 1213. Limitation of liability
(a) Neither the Directors of PFA nor any persons executing TIF bonds issued pursuant to this chapter are liable personally on the TIF bonds by reason of the issuance of the TIF bonds. (b) Notwithstanding any other provision of this chapter, TIF bonds issued pursuant to this chapter are not general obligations of PFA or […]
§ 1302. Legislative findings
The Legislature finds and declares that: (a) The tourist, hotel and resort industry constitutes a major element of the Territorial economic structure; (b) Additional hotel accommodations and tourist facilities and services are essential to the further development of the Territory’s tourism industry; (c) Additional hotel accommodations and tourist facilities have a direct impact on the […]
§ 1205. Public hearing
(a) Following the submission to the Authority of an application for tax increment financing under section 1204(a), the Authority shall call a public hearing concerning the suitability of the proposed project for TIF area. The hearing must be held within the District in which the project is proposed to be located. (b) The Authority shall […]