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How does the TIF application process work in the U.S. Virgin Islands?
- Developer applies to the VIEDA for certification to perform TIF project.
- Application must be supported by TIF project’s preliminary development plan. Required contents of the plan listed in the Virgin Islands law Title 29 V.I.C. Section 1204(a).
- VIEDA determines whether to certify project based on criteria outlined in the VI law.
- VIEDA determines boundaries of TIF area.
- Type of property tax assessed of TIF area.
- VIEDA calls a public hearing re: the suitability of the proposed project.
- VIEDA approves TIF development plan and certifies TIF project.
- Payment of application processing fee.