§ 1201. Definitions
For the purposes of this chapter, the term: (a) “Assessor” means the Tax Assessor, or such other person or office responsible for assessing the value of real property. (b) “Authority” means the Virgin Islands Economic Development Authority established under chapter 21 of title 29 of the Virgin Islands Code. (c) “Available gross receipts tax revenue” […]
§ 1202. Parameters of TIF Program
(a) The TIF Program: (1) may use tax incremental financing for the financing of capital improvements in areas where a finding has been made by the Authority, and approved by the Legislature where the need for tax increment financing has been documented to be significant in enhancing the economic viability of the project, but may […]
§ 1203. Powers of the Authority
(a) The Authority has the following powers with respect to tax increment financing: (1) To make and execute contracts, and all other instruments desirable, convenient or necessary for the exercise of its powers and functions under this chapter, including agreements with note holders, bondholders, guarantors, or other interested in any matters pertaining to TIF bonds, […]
§ 1203a. Powers of the PFA
The PFA have the following powers with respect to tax increment financing: (i) To make contracts, incur liabilities, borrow money at such rates of interest, maturities and on such other terms and conditions as the PFA, in consultation with the Authority, may determine, issue its notes, bonds and other obligations, as authorized by Section 922, […]
§ 1204. Certification of TIF project eligibility
(a) To be eligible for TIF, a development sponsor of any proposed project shall apply to the Authority for certification that the project complies with the requirements of this chapter. The application must contain a preliminary development plan for the project which consist[s] of the following: (i) A delineation of the proposed TIF area; (ii) […]
§ 1112. Lack of jurisdiction of other agencies
No officer, board, commission, department or other agency or political subdivision of the Virgin Islands shall have jurisdiction over the Authority in the management and control of its properties and facilities, or any power over the regulation of rates, fees, rentals and other charges to be fixed, revised and collected by the Authority, or any […]
§ 1113. Applicability of other laws
Nothing in this chapter shall be construed as exempting the Authority from any law made specifically applicable thereto or generally applicable to independent instrumentalities of the Government of the Virgin Islands, whether such law was enacted before, on or after the creation of the Authority or any of its subsidiaries.
§ 1114. Separability of provisions
If any provisions of this chapter or the application of such provisions to any person or circumstance shall be held invalid, the remainder of the chapter and the application of such provisions to persons or circumstances other than those as to which it shall have been held invalid shall not be affected thereby.
§ 1115. Establishment of committees and subcommittees
(a) The Board of Directors of the Authority shall administer the business of its subsidiary entities, the Economic Development Commission (EDC), Government Development Bank (GDB), Small Business Development Agency (SBDA), Industrial Development Park Corporation (IDPC) and the Enterprise Zone Commission (EZ). Each subsidiary may act with authority to determine matters concerning personnel, hiring, discipline and […]
§ 1116. Economic Development Fund
(a) There is established in the Treasury of the Government of the Virgin Islands a fund to be known as the “Economic Development Fund” (hereinafter the “Fund”). The Governing Board of the Authority shall provide for the administration of the Fund, and no amounts therein shall be available for expenditures except as provided under this […]