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 […]
As used in this chapter the following terms have the meaning set forth in this section: (a) “Agreement” means the agreement between the Government and a developer which sets forth the terms and conditions for assistance for Project development under this chapter. (b) “Authority” means the Virgin Islands Economic Development Authority established in section 1101 […]
(a) The Hotel Development Program is established within the Virgin Islands Economic Development Authority. (b) The purpose of the Program is to encourage and promote development and construction of hotel and resort facilities in the Virgin Islands and to provide financial assistance and other incentives for such development and construction, which may include commercial facilities, […]
(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 […]
(a) A person wishing to develop a hotel shall apply to the Authority on forms prescribed and made available by the Authority. (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 […]
(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 […]
(a) The Authority shall establish for each approved project a separate Trust Fund, which for the purposes of this chapter shall also be known as “the Project’s Hotel Development Trust Fund” or the “Project’s Fund”. Monies allocated to and deposited into the Project’s Fund from the hotel occupancy tax revenues and casino tax revenues generated […]
(a) The Notes Issuer may issue Hotel Development Notes to finance total Project costs of eligible Projects approved pursuant to this chapter, including, without limitation, costs of issuance, debt service and other reserves, and related ancillary costs and expenses. Hotel Development Notes may be issued to refund other Hotel Development Notes issued pursuant to this […]
(a) A series of Hotel Development Notes may be secured by a trust agreement or trust indenture between the Notes Issuer and a trustee having trust powers, or by a secured loan agreement or other instrument giving power to the trustee by means of which the Notes Issuer may do the following: (1) Make and […]
If there is a default in the payment of the principal of or interest on any Hotel Development Notes of a series after the principal or interest becomes due and payable, whether at maturity or upon call for redemption, or if the Notes Issuer or the Government fails or refuses to carry out and perform […]
(a) Neither the Directors of the Notes Issuer nor any persons executing Hotel Development Notes issued pursuant to this chapter are liable personally on the Hotel Development Notes by reason of the issuance of the Hotel Development Notes. (b) Notwithstanding any other provision of this chapter, Hotel Development Notes issued pursuant to this chapter are […]
If a Developer is financing a Project that could be financed with the proceeds of Hotel Development Notes under this chapter and the proceeds of Tax Incremental Financing Bonds (TIF Bonds) issued under the provisions of the Tax Incremental Financing Act, title 29 Virgin Islands Code, chapter 22, the Notes Issuer may, as the issuer […]
