What must TIF projects do in the U.S. Virgin Islands?

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In the U.S. Virgin Islands TIF projects must:

  • Promote significant opportunities for local employment
  • Attract new businesses within TIF areas
  • Retain or expend an existing business in the TIF area
  • Provide affordable housing in the TIF area
  • Increase revenue to the Government through increase of real property taxes and/or gross receipt taxes
  • Be beneficial to the general economic development of the TIF area as set forth in such resolution
  • Be less likely to be developed without TIF; and
  • Where applicable, have a feasible method that exists for the compensation of individuals, families, and small businesses that may be displaced by the project and for their relocation to favorable dwelling accommodations within their means