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What are the uses of the U.S. Virgin Islands Tax Increment trust fund?

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The funds allocated to and deposited into the tax increment trust fund are used to:

  • Pay administrative, overhead expenses or incidentals to carry out tax increment development plan
  • To pay for redevelopment planning, surveys, and financial analysis
  • Reimburse VIEDA for expenses incurred prior to adoption of plan
  • Purchase real property of TIF area
  • Clear and prepare redevelopment and relocation of site occupant
  • Pay principal, interest and any premium on TIF bonds
  • Pay all expenses incidental to or connected with the issuance, sale, redemption or purchase of TIF bonds