USVI 2013 Economic Development Pre-Summit Reception
Senate President Shawn-Michael Malone has been invited to provide remarks at the pre-summit reception.
USVI 2013 Economic Development Summit
Led by Virgin Islands government leaders and industry experts in energy, technology, affordable housing, healthcare reform, and workforce development, this conference will convene some of the Territory’s most experienced policy makers and advocates spearheading economic recovery and development in and for the U.S. Virgin Islands (USVI). This conference will illustrate how to capitalize on upcoming business development opportunities and underscore the fact that the USVI is open for business!
Are there other requirements associated with the Hotel Development and Finance Program?
Yes. Once the Project Development Plan has been approved and certified and a Project Agreement has been negotiated, the Project beneficiary shall also be required to pay the following:
What is the Project Agreement?
The Project Agreement is the agreement entered into between the Government of the U.S. Virgin Islands and the developer once the VIEDA has certified the Project Development Plan.
The VIEDA’s approval of the Project and the Governor’s approval of a Project Agreement (and the Legislature’s ratification thereof) does not constitute the approval of any portion of the Project for any other purposes including, without limitation, environmental and building permits.
What happens if the Project Development Plan is not approved for certification?
If upon consideration of the application the VIEDA decides the Project does not comply with the requirements, the VIEDA shall notify the developer in writing stating the areas the Project fails to the meet the criteria, which shall be made available for public review.
The VIEDA shall allow the development sponsor up to sixty (60) days to cure any defects. If the development sponsor fails to cure the defects within the sixty (60) day period, the VIEDA shall deny the certification of project, and any re-submittal of the Project shall require a new application.
If the Project Development Plan approved and certified for approval by the Governor and the Legislature, what next?
Once the Project Development Plan has been approved and certified the VIEDA shall enter into good faith negotiations with the developer for a Project Agreement between the Government of the U.S. Virgin Islands and the developers setting forth the obligations of the parties as outlined in the VI law.
How does the VIEDA determine certification of the Project?
In determining certification of the Project, the VIEDA shall consider the materials and opinions provided with the application and the testimony of the public, together with the following criteria:
How does the Hotel Development and Financial Program application process work in the U.S. Virgin Islands?
- Developer applies to the VIEDA through the Economic Development Commission for certification to the perform the Project
- Application must be supported by a Project Development Plan
- A $50,000 deposit shall be paid with the application which will be credited against the costs of processing the application, conducting independent assessments of the Project and other administrative costs
- Applications must be submitted prior to January 1, 2014
- VIEDA determines whether to certify Project based on criteria outlined in the VI law
- VIEDA calls a public hear
What are the ‘project’ eligibility requirements?
To be eligible for benefits under this program, the project must:
What qualifies as a project?
‘Project’ means a proposed project, which involves one or more of the following: the planning, acquisition, construction, improvement, maintenance, or operation of new hotels and/or related facilities in the Territory.
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