Title 29 — Public Planning and Development
25 chapters · 546 sections in this title.
29 V.I.C. § 1200 Short title
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29 V.I.C. § 1200 Statutes current through Act 9046 of the 2025 session of the 36th Legislature, including all code changes through October 25, 2025 Virgin Islands Code AnnotatedCopyright © 2026 All rights reserved.
29 V.I.C. § 1201 Definitions
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(a) 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 V.I.C. § 1202 Parameters of TIF Program
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(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 enhanci…
29 V.I.C. § 1203 Powers of the Authority
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(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 holde…
29 V.I.C. § 1203a Powers of the PFA
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(i) 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 i…
29 V.I.C. § 1204 Certification of TIF project eligibility
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(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 consists of …
29 V.I.C. § 1205 Public hearing
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(a) Following the submission to the Authority of an application for tax increment financing under section 1204(a), the Authority shall call a public hearing concerning the suitability of the proposed project for TIF area. The hearing must be held within the District in which the …
29 V.I.C. § 1206 Tax increment trust fund; mandatory contributions
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(a) The Authority shall establish for each TIF area a tax increment trust fund. Funds allocated to and deposited into the fund must be made available to the Authority and the PFA, as security or otherwise, to finance or refinance any eligible project or TIF bond the Authority und…
29 V.I.C. § 1207 [Reserved.]
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29 V.I.C. § 1207 Statutes current through Act 9046 of the 2025 session of the 36th Legislature, including all code changes through October 25, 2025 Virgin Islands Code AnnotatedCopyright © 2026 Office of the Code Revisor, Legislature of the Virgin Islands All rights reserved.
29 V.I.C. § 1208 Tax increment development plan; preparation; adoption; filing; modification
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(a) After the filing of the certificate of the Chairperson of the Authority pursuant to section 1204, the Authority shall prepare or cause to be prepared a tax increment development plan for the TIF area after review of the proposed provisions of the plan by the agencies or depar…
29 V.I.C. § 1209 TIF bond authorization
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(a) The real property tax increment revenues and the gross receipts tax increment revenues that are declared to be dedicated pursuant to this chapter to the payment of debt service on TIF bonds, the provision and maintenance of reserves, and the payment of development costs const…
29 V.I.C. § 1210 Approval by the Legislature of the Virgin Islands
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(a) Upon completion of negotiations with the development sponsor and holding of the required public hearing, the Authority shall submit the certified tax increment development plan to the Legislature of the Virgin Islands for its approval. The submission must include a descriptio…
29 V.I.C. § 1211 TIF bond security
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(a) A series of TIF bonds may be secured by a trust agreement or trust indenture between PFA and a corporate trustee having trust powers, or by a secured loan agreement or other instrument giving power to the corporate trustee by means of which PFA may do the following:(a) Make a…
29 V.I.C. § 1212 Default
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(a) If there is a default in the payment of the principal of or interest on any TIF bonds of a series after the principal or interest becomes due and payable, whether at maturity or upon call for redemption, or if the PFA or the Government of the Virgin Islands fails or refuses t…
29 V.I.C. § 1213 Limitation of liability
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(a) Neither the Directors of PFA nor any persons executing TIF bonds issued pursuant to this chapter are liable personally on the TIF bonds by reason of the issuance of the TIF bonds. (b) Notwithstanding any other provision of this chapter, TIF bonds issued pursuant to this chapt…