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Virgin Islands Statutes, Title 29

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Title 29, Public Planning and Development

25 chapters · 529 sections in this title.

All chapters in Title 29529 Ch 1, Community Development and Renewal; S…64 Ch 12, Economic Development and Incentives64 Ch 3, Virgin Islands Zoning and Subdivisio…42 Ch 19, Enterprise Zone Program Act32 Ch 17, Antiquities and Cultural Properties …30 Ch 8, Virgin Islands Waste Management Auth…28 Ch 10, Virgin Islands Port Authority25 Ch 13, Economic Park Development21 Ch 23, Hotel Development Program20 Ch 7, Public Works Acceleration Authority19 Ch 21, Economic Development Authority18 Ch 24, The Matching Fund Special Purpose Se…18 Ch 2, Emergency Housing and Stimulation of…17 Ch 5, Building Code17

529 sections·Filtered byTitle 29✕

29 V.I.C. § 1052 Definitions
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(a) For the purposes of this chapter, the term:(a) “Bonds” means the taxable or tax-exempt bonds, notes or other obligations, authorized to be issued by the Corporation pursuant to this chapter.(b) “Carifest Center and Park” means the cultural center, parking facilities, park and…
29 V.I.C. § 1053 Establishment of the Caribbean Cultural Heritage Center and Discovery Park Corporation; powers and responsibilities
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(a) The Caribbean Cultural Heritage Center and Discovery Park Corporation is established as a body corporate and politic constituting a public corporation and autonomous governmental instrumentality of the Government of the Virgin Islands. The Corporation shall be a corporate bod…
29 V.I.C. § 1054 Board of Directors
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(a) The Corporation shall be governed by a Board of Directors consisting of five members appointed by the Governor. (b) The Board of Directors shall be appointed by the Governor within 30 calendar days after the effective date of this chapter or 180 days after the date of a vacan…
29 V.I.C. § 1055 Authority of the Corporation to issue bonds
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(a) The Corporation shall have the power to issue bonds, notes, and other obligations, including refunding bonds at or before maturity, to finance, or assist in the financing of the Carifest Cultural Heritage Center, which obligations shall not constitute any obligation of the Go…

29 V.I.C. § 1056 Bonds of the Corporation legal investments for public or private funds

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(a) The Bonds shall be securities in which all public officers and bodies of the Government and all agencies, instrumentalities, commissions, authorities, and political subdivisions thereof, all insurance companies and associations and other persons carrying on an insurance busin…

29 V.I.C. § 1057 Agreement of the Government of the Virgin Islands

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The Government pledges to the Corporation and the holders of the bonds that the Government will not in any way impair the rights and remedies of the holders of the bonds, until the bonds and the interest thereon and the interest on any unpaid installments of interest and all cost…

29 V.I.C. § 1058 Dissolution of the Corporation

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Subject to the provisions of title 13 chapter 1 of the Code, relating to dissolution and winding up the affairs of the corporation, by majority vote, the Board may dissolve the Corporation when the bonds, and all other obligations of the Corporation incurred with respect to the i…

29 V.I.C. § 1059 Corporate contribution

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(a) The Corporation shall pay to the Government of the Virgin Islands:(a) Two percent of its net income to be used to provide for cultural education for students and teachers and entrepreneurial programs for students;(b) Two percent of its net income to be used by the Department …

29 V.I.C. § 1060 Severability

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If a provision of this chapter or its application to a person or circumstances is held invalid, the invalidity shall not affect other provisions or applications of this chapter which can be given effect without the invalid provisions or application.

29 V.I.C. § 1100 Statement of purpose

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The purpose of this chapter is to create an umbrella authority to assume, integrate and unify the functions of the Economic Development Bank, the Economic Development Commission, the Economic Park Development Corporation, and the Small Business Development Agency (hereinafter ref…

29 V.I.C. § 1101 Creation

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(a) To aid the Government in the performance of its duties to develop the economy of the Virgin Islands, there is hereby created a body corporate and politic constituting a public corporation and semi-autonomous instrumentality of the Government of the Virgin Islands, by the name…

29 V.I.C. § 1102 Governing board and other personnel of the Authority

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(a) The powers of the Authority shall be exercised by a governing board consisting of the members of the Authority acting as a board. Of the seven members appointed to the Board, three shall not be employees of the Government of the Virgin Islands or the Government of the United …

29 V.I.C. § 1103 Charter of the Authority

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(A) The Charter of the Authority shall be as follows:FIRST: The existence of the Authority shall be perpetual.SECOND: The principal office of the Authority shall be within the Virgin Islands.THIRD: The purpose for which the Authority is formed, the business or objectives to be ca…

29 V.I.C. § 1104 Exemption of Authority from taxes

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The purpose for which the Authority is created and shall exercise its powers being a public purpose, unless otherwise expressly provided by law, the Authority shall not be required to pay any taxes or assessments on any of the property acquired or to be acquired by it, or on its …

29 V.I.C. § 1105 Annual report; publication

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The Authority shall submit to the Governor and Legislature annually, after the close of its fiscal year, a report of the business of the Authority for the preceding fiscal year.

29 V.I.C. § 1106 Written transcripts of proceedings

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The Authority shall keep recordings or written transcripts of all of its proceedings and such recordings or transcripts shall be considered public documents. Transcripts shall be transcribed no later than 30 days after the date of the proceeding during which they were taken, and …

29 V.I.C. § 1107 Competitive bidding

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(a) All purchases and contracts for supplies for services, except for personnel services, made by the Authority, including contracts for the construction of facilities of the Authority, shall be made after advertisement for bids, sufficiently in advance of opening bids, for the A…

29 V.I.C. § 1108 Other assistance of Government of the Virgin Islands

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(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…

29 V.I.C. § 1109 Moneys and accounts of Authority

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(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 …

29 V.I.C. § 1110 Financial assistance; guarantees and purchases of bonds of Authority; loans and grants

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(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 t…

29 V.I.C. § 1111 Injunctions

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An injunction shall not be granted to prevent the application of this chapter or any part thereof.

29 V.I.C. § 1112 Lack of jurisdiction of other agencies

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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 c…

29 V.I.C. § 1113 Applicability of other laws

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Nothing in this chapter shall be construed as exempting the Authority from any law made specifically applicable thereto or generally applicable to independent instrumentalities of the Government of the Virgin Islands, whether such law was enacted before, on or after the creation …

29 V.I.C. § 1114 Separability of provisions

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If any provisions of this chapter or the application of such provisions to any person or circumstance shall be held invalid, the remainder of the chapter and the application of such provisions to persons or circumstances other than those as to which it shall have been held invali…

29 V.I.C. § 1115 Establishment of committees and subcommittees

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(a) The Board of Directors of the Authority shall administer the business of its subsidiary entities, the Economic Development Commission (EDC), Government Development Bank (GDB), Small Business Development Agency (SBDA), Industrial Development Park Corporation (IDPC) and the Ent…

29 V.I.C. § 1116 Economic Development Fund

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(a) There is established in the Treasury of the Government of the Virgin Islands a fund to be known as the “Economic Development Fund” (hereinafter the “Fund”). The Governing Board of the Authority shall provide for the administration of the Fund, and no amounts therein shall be …

29 V.I.C. § 1117 Economic Hardship Package

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(a) There is established under the control of the Economic Development Authority the “Economic Hardship Package” to provide low interest loans to small businesses to help secure their financial viability. (b) Loans shall be provided at a 3% interest rate to qualifying businesses.…

29 V.I.C. § 1200 Short title

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. § 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…

29 V.I.C. § 1301 Short title

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This chapter may be cited as the Hotel Development Act.

29 V.I.C. § 1302 Legislative findings

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(a) 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 Territo…

29 V.I.C. § 1303 Definitions

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(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…

29 V.I.C. § 1304 Program established, purpose

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(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, construction, reconstruction, and renovation of hotel and resort facilities in the Virgin Islands and…

29 V.I.C. § 1305 Administration and powers

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(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 ente…

29 V.I.C. § 1306 Application and certification of Project; eligibility

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(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…

29 V.I.C. § 1307 Approval or denial; agreement; cure of defects; reimbursement of costs

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(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 followi…

29 V.I.C. § 1308 Hotel Development Trust Funds

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(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 th…

29 V.I.C. § 1309 Hotel Development Notes authorization

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(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 Develop…