(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 for certification must contain the following information:(1) Description of the proposed land with the appropriate zoning to construct the Project;(2) A pro forma projection of the revenues and expenses of the Project;(3) An assessment of the financial feasibility of the Project;(4) A schedule of the timing and phasing of the Project prepared no earlier than six months before the date the application is submitted; and(5) Such other information as the Authority may require.
(1) Description of the proposed land with the appropriate zoning to construct the Project;
(2) A pro forma projection of the revenues and expenses of the Project;
(3) An assessment of the financial feasibility of the Project;
(4) A schedule of the timing and phasing of the Project prepared no earlier than six months before the date the application is submitted; and
(5) Such other information as the Authority may require.
(c) If a Developer is applying for authorization to impose an Economic Recovery Fee pursuant to section 1312(c)(1) of this chapter, the application shall, in addition to the requirements set forth in subsection (b) of this section, include the following:(1) A statement of the intention to obtain authorization to assess an Economic Recovery Fee;(2) The amount of the proposed fee, which shall not be greater than the amount set forth in section 1312(g);(3) The expected uses of the proposed fee; and(4) The time frame for expected imposition of such fee which shall not exceed the longer of the maturity of the Hotel Development Notes or thirty years.
(1) A statement of the intention to obtain authorization to assess an Economic Recovery Fee;
(2) The amount of the proposed fee, which shall not be greater than the amount set forth in section 1312(g);
(3) The expected uses of the proposed fee; and
(4) The time frame for expected imposition of such fee which shall not exceed the longer of the maturity of the Hotel Development Notes or thirty years.
(d) To be eligible for benefits under this chapter, the project must be located in the U.S. Virgin Islands.
(e) The Authority shall establish by regulations comprehensive eligibility requirements for applicants' participation in the Program.