Title 29 — Public Planning and Development
25 chapters · 546 sections in this title.
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…
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…
29 V.I.C. § 1310 Hotel Development Notes security
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(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 …
29 V.I.C. § 1311 Default
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(a) 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 …
29 V.I.C. § 1312 Economic recovery fee
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(a) Purpose. The purpose of the Economic Recovery Fee is to encourage and promote the recovery and improvement, and expansion of the Territory’s hotel sector. (b) Fee. Developers of hotels located or to be located in the U.S. Virgin Islands may apply for authorization to impose a…
29 V.I.C. § 1313 Use of revenues
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(a) The revenues generated from the Designated Hotel Room Occupancy Tax, Designated Casino Tax on Gross Revenue, and the Economic Recovery Fee, approved in accordance with section 1312(c)(1) of this chapter, are to be allocated to and deposited into the Project’s Fund as follows:…
29 V.I.C. § 1314 Annual payments and pledges
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(a) Any hotel project that is a beneficiary of the Hotel Development Program shall pay to the Authority an annual fee to be determined by the Authority; provided that the annual fee shall be either (1) 1.5% of the projected debt service payable that year, or (2) $100,000 per Proj…
29 V.I.C. § 1315 Limitation of liability
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(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 o…
29 V.I.C. § 1316 Project Financing
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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 C…
29 V.I.C. § 1317 Expiration
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(a) The provisions of this chapter, except any provisions pertaining to the Economic Recovery Fee for which the expiration is governed by the provisions of section 1312(n) of this chapter, expire on December 31, 2028, with an automatic two-year extension if substantial permitting…
29 V.I.C. § 1318 Virgin Islands Hotel Development Financing Corporation; purpose
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(a) The Virgin Islands Hotel Development Financing Corporation (“VIHDFC”) is established as a subsidiary of the Virgin Islands Public Finance Authority for the specific purpose of overseeing the development, operation and financing of hotels in the United States Virgin Islands, a…
29 V.I.C. § 1319 Qualifications and Eligibility for issuance of tax-exempt bonds
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(a) Loan to Qualified Nonprofit. The VIHDFC may enter into a loan agreement, lease, instalment sale agreement, or similar financing arrangement with a Qualified Nonprofit, under which bond proceeds are loaned, leased, or otherwise made available to the Qualified Nonprofit to carr…
29 V.I.C. § 1320 No Recourse to the Government; use of administrative fees
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(a) Nothing in this chapter shall be construed to authorize the VIHDFC or the Government of the Virgin Islands, nor any of their officers, employees, or agents, to guarantee, insure, or otherwise become liable for any debt issued for a Qualified Nonprofit. (b) The VIHDFC shall no…
29 V.I.C. § 1401 Short title
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This chapter may be cited as “The Matching Fund Special Purpose Securitization Act”.
29 V.I.C. § 1402 Definitions
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(a) For the purposes of this chapter, the following terms have the meanings set forth in this section:(a) “Additional Bonds” means one or more additional series or tranches or both series and tranches of Bonds issued pursuant to the Indenture or another indenture after the Initia…
29 V.I.C. § 1403 Authority to sell and transfer the Matching Fund Receipts and provide related rights
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(a) For the purposes of prepaying the Existing Matching Fund Loan Notes and the refunding, redemption, paying or defeasing by the PFA of all Existing PFA Bonds secured thereby, releasing the existing liens on the Matching Fund Receipts so that the Government may more efficiently …
29 V.I.C. § 1404 Corporation; established; purpose; powers
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(a) The Matching Fund Special Purpose Securitization Corporation is established as a special purpose, independent and autonomous, public corporation. The Corporation is intended, created, and empowered to effectuate the purposes stated in this chapter. The Corporation has a legal…
29 V.I.C. § 1405 Corporation board
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(a) The Corporation is governed by a board of directors composed of five members, including four private members and one public member. Four members of the board must be private citizens known as “Independent Members”. The Governor shall serve as an ex-officio member and the chai…
29 V.I.C. § 1406 Term of Corporation
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The existence of the Corporation is perpetual; but the board by unanimous vote may dissolve the Corporation no earlier than one year and one day after the Bonds, and all other obligations of the Corporation under the applicable Indenture and the Ancillary Agreements have been rep…
29 V.I.C. § 1407 Bonds of the Corporation
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(a) Subject to section 1404(c)(5) and section 1414, the Corporation, as authorized by a Resolution, may issue Bonds in one or more series or tranches, or both, and at one or more times, including refunding Bonds at or before maturity, and the obligations are payable solely from t…
29 V.I.C. § 1407a Nature and requirements of Bonds
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(a) The Bonds are 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 business, …
29 V.I.C. § 1407b Statutory lien created
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The Bonds are automatically upon issuance secured by a statutory lien on the Trust Estate created by this section. The Matching Fund Securitization Bonds and any Subordinate Lien Bonds have the benefit of and are secured by a statutory lien upon the Trust Estate, which statutory …
29 V.I.C. § 1407c Corporation’s consent to lien on Trust Estate
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Any pledge by the Corporation of the Trust Estate as security for the Bonds has the benefit of a consensual lien, perfected, effective, binding, and enforceable against creditors and all others asserting rights therein or having claims of any kind in tort, contract, or otherwise,…
29 V.I.C. § 1408 Sale of Matching Fund Receipts and Related Rights a true sale
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(a) The transfer of the Government’s right, title, and interest in and to the Matching Fund Receipts and the Related Rights pursuant to this chapter to the Corporation or any assignee permitted under the initial Indenture must be treated as an absolute transfer and true sale of a…
29 V.I.C. § 1409 Government’s pledge
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(a) The Government pledges to and agrees with the Corporation for the Corporation and for the benefit of the Bondholders that, until at least one year and one day after the Bonds and all other obligations of the Corporation pursuant to the applicable Indenture, other than the Res…
29 V.I.C. § 1410 No Bankruptcy or other actions by Corporation adverse to Bondholders
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(a) The Corporation may not be a debtor under any provision of the United States Bankruptcy Code or under any other bankruptcy or similar law, and neither any public officer nor any organization, entity or other person may authorize the Corporation to be or become a debtor under …
29 V.I.C. § 1411 No other approvals required
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Notwithstanding any law to the contrary, no approvals, notices, authorizations or filings other than those specified in this chapter are required with respect to any Resolution or the transactions and contracts authorized in or contemplated by this chapter or any Resolution, incl…
29 V.I.C. § 1412 Money bill; no appropriation required
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This chapter is a money bill of the Legislature for the purposes of 48 U.S.C. § 1561 and there is no requirement under statutory or other provisions of Virgin Islands law that the Legislature enact further legislation to appropriate any funds to the Corporation or to implement th…
29 V.I.C. § 1413 Amendments or adjustments to existing agreements
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The Governor shall negotiate and execute amendments or adjustments to existing agreements with Cruzan and Diageo and any Ancillary Agreements relating to the Initial Matching Fund Securitization Bonds as are necessary and appropriate to carry out the transactions contemplated by …
29 V.I.C. § 1414 Choice of law; conflict of laws
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(a) The law governing, as applicable, the validity, enforceability, attachment, perfection, priority and exercise of remedies with respect to the sale, transfer or conveyance of the Matching Fund Receipts and the Related Rights pursuant to this chapter or the creation of a securi…
29 V.I.C. § 1415 Invalidity; severability
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(a) Effective on the date that any Bonds are first issued, if any provision of this Chapter is held to be invalid or is invalidated, superseded, replaced, repealed or expires for any reason, that occurrence does not affect any action allowed under this chapter that is taken by th…