§ 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) […]
§ 1108. Other assistance of Government of the Virgin Islands
(a) For the purpose of further aiding the Authority in accomplishing its purpose and goals, any department or agency of the Virgin Islands or any political subdivision thereof may, at the request of the Authority and upon such terms, with or without consideration, as the Governor or political subdivision shall determine — (1) dedicate, sell, […]
§ 1109. Moneys and accounts of Authority
(a) (1) All moneys of the Authority shall be deposited in qualified depositories for funds of the Government of the Virgin Islands, but they shall be kept in separate accounts in the name of the Authority. The disbursements shall be made by it pursuant to regulations and budgets approved by the Board. (2) Notwithstanding paragraph […]
§ 1110. Financial assistance; guarantees and purchases of bonds of Authority; loans and grants
(a) For the purpose of assisting the Authority with its financing, the Government of the Virgin Islands, to the extent permitted by the Revised Organic Act of 1954, as amended, or any other applicable Federal law, may — (1) guarantee payment of the bonds of the Authority, both as to principal and interest; (2) employ […]
§ 1111. Injunctions
An injunction shall not be granted to prevent the application of this chapter or any part thereof.
§ 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 […]