(a) 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 of this title.(c) “Designated Casino Tax on Gross Revenue” means the gross revenue tax, pursuant to 32 V.I.C., Chapter 21, Section 514-515, generated from each proposed hotel development project under this chapter.(d) “Designated Hotel Room Occupancy Tax” means the hotel room taxes, pursuant to 33 V.I.C., Chapter 3, Section 54, generated from each proposed hotel development project under this chapter.(e) “Developer” means any entity or person that seeks to undertake a Project pursuant to this chapter.(f) “Economic Recovery Fee” means the Economic Recovery Fee pursuant to section 1312 of this chapter.(g) “ERF Project” means ERF Project as defined in section 1312 of this chapter.(h) “Government” means the Government of the Virgin Islands.(i) “Hotel” means every building or other structure or group of structures where sleeping accommodations are furnished by the day, week, or month for pay, to guests, whether with or without meals. The term “hotel” includes resorts.(j) “Hotel Development Notes” means the notes, bonds or other evidence of indebtedness incurred by the Developer or by the Notes Issuer for the benefit of the Developer, with respect to an approved Project, including but not limited to Hotel Revenue Bonds, Conventional Loans, Institutional Financing, or other financing issued with respect to the eligible Project.(k) “Notes Issuer” means the PFA or another issuer authorized to issue Hotel Development Notes under this chapter including, at Developer’s option, a multi-jurisdictional issuer of notes or bonds, or both.(l) “PFA” means the Virgin Islands Public Finance Authority, itself or acting through the Virgin Islands Hotel Development Financing Corporation.(m) “Program” means the Hotel Development Program established in section 1304 of this chapter.(n) “Project” means a proposed hotel development project or reconstruction or renovation of a hotel under this chapter that may include all ancillary facilities servicing the hotel development, including without limitation, solar and other energy generation equipment; related marina facilities, including docks and wharves; residential housing; community centers; infrastructure and other facilities.(o) “Reconstruction” means construction related to existing hotel properties and related facilities or infrastructure that have been substantially demolished or damaged by natural or manmade causes, including expansion or extensions of the properties and related facilities or infrastructure as provided by this chapter.(p) “Renovation” means construction in the nature of substantial repair, updating, enhancement, and refurbishment of existing hotel properties and related facilities or infrastructure as provided by this chapter.(q) “Trust Fund” means the Hotel Development Trust Fund created for each respective Project established in section 1308.(r) “Virgin Islands Hotel Development Financing Corporation” means a public corporation controlled by the Virgin Islands Public Finance Authority that shall have the same or similar rights and powers granted to the Virgin Islands Public Finance Authority under title 29 Virgin Islands Code, chapter 15 regarding the development, operation and financing of qualified hotels in the Virgin Islands except as limited by provisions of this chapter.
(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 of this title.
(c) “Designated Casino Tax on Gross Revenue” means the gross revenue tax, pursuant to 32 V.I.C., Chapter 21, Section 514-515, generated from each proposed hotel development project under this chapter.
(d) “Designated Hotel Room Occupancy Tax” means the hotel room taxes, pursuant to 33 V.I.C., Chapter 3, Section 54, generated from each proposed hotel development project under this chapter.
(e) “Developer” means any entity or person that seeks to undertake a Project pursuant to this chapter.
(f) “Economic Recovery Fee” means the Economic Recovery Fee pursuant to section 1312 of this chapter.
(g) “ERF Project” means ERF Project as defined in section 1312 of this chapter.
(h) “Government” means the Government of the Virgin Islands.
(i) “Hotel” means every building or other structure or group of structures where sleeping accommodations are furnished by the day, week, or month for pay, to guests, whether with or without meals. The term “hotel” includes resorts.
(j) “Hotel Development Notes” means the notes, bonds or other evidence of indebtedness incurred by the Developer or by the Notes Issuer for the benefit of the Developer, with respect to an approved Project, including but not limited to Hotel Revenue Bonds, Conventional Loans, Institutional Financing, or other financing issued with respect to the eligible Project.
(k) “Notes Issuer” means the PFA or another issuer authorized to issue Hotel Development Notes under this chapter including, at Developer’s option, a multi-jurisdictional issuer of notes or bonds, or both.
(l) “PFA” means the Virgin Islands Public Finance Authority, itself or acting through the Virgin Islands Hotel Development Financing Corporation.
(m) “Program” means the Hotel Development Program established in section 1304 of this chapter.
(n) “Project” means a proposed hotel development project or reconstruction or renovation of a hotel under this chapter that may include all ancillary facilities servicing the hotel development, including without limitation, solar and other energy generation equipment; related marina facilities, including docks and wharves; residential housing; community centers; infrastructure and other facilities.
(o) “Reconstruction” means construction related to existing hotel properties and related facilities or infrastructure that have been substantially demolished or damaged by natural or manmade causes, including expansion or extensions of the properties and related facilities or infrastructure as provided by this chapter.
(p) “Renovation” means construction in the nature of substantial repair, updating, enhancement, and refurbishment of existing hotel properties and related facilities or infrastructure as provided by this chapter.
(q) “Trust Fund” means the Hotel Development Trust Fund created for each respective Project established in section 1308.
(r) “Virgin Islands Hotel Development Financing Corporation” means a public corporation controlled by the Virgin Islands Public Finance Authority that shall have the same or similar rights and powers granted to the Virgin Islands Public Finance Authority under title 29 Virgin Islands Code, chapter 15 regarding the development, operation and financing of qualified hotels in the Virgin Islands except as limited by provisions of this chapter.