Definitions

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  • For the purposes of this chapter, the term:
    • (a) “Assessor” means the Tax Assessor, or such other person or office responsible for assessing the value of real property.

    • (b) “Authority” means the Virgin Islands Economic Development Authority established under chapter 21 of title 29 of the Virgin Islands Code.

    • (c) “Available gross receipts tax revenue” means the proceeds of the gross receipts taxes paid to the Virgin Islands Bureau of Internal Revenue for deposit into the General Fund of the Government pursuant to 33 Virgin Islands Code chapter 3 section 43; excluding the first $250,000 of the tax collected during each Fiscal Year which is required to be deposited into the Moderate Income Housing Fund pursuant to title 33 Virgin Islands Chapter 111 section 3027(a)(3), including any penalties and interest charges, in excess of the amount of such revenues which is required to be remitted as security for the payment of bonds, issued pursuant to Act No. 6514, that are secured by such gross receipts taxes.

    • (d) “Available real property tax revenues” means the revenues resulting from the imposition of the tax provided for in 33 Virgin Islands Code chapter 81 section 2302 and payments in lieu of real property taxes, exclusive of the portion required to be deposited in the St. John Capital Improvement Fund and the Housing Trust Fund under chapter 81 of Title 33.

    • (e) “Capital improvement” means those improvements that are treated as capitalized expenses according to generally accepted governmental accounting principles.

    • (f) “Current assessed value” means for any tax year, the assessed value of each lot of taxable real property within a Tax Increment Financing (hereinafter “TIF”) area as then recorded on the land records of the Government of the Virgin Islands as of the end of the preceding tax year.

    • (g) “Designated gross receipts tax increment” means the amount of percentage and priority of available gross receipts tax revenues as determined by the Authority prior to the issuance of a series of TIF bonds.

    • (h) “Development costs” means any actual or estimated cost for a project;

      • (1) Costs of studies, surveys, plans and specifications, including professional service costs for architectural, accounting, engineering, legal, marketing, financial and planning services;

      • (2) Property assembly costs, including acquisition or leasing of land and other property, real or personal, or rights or interests in property, demolition of buildings and other structures, remediation of environmental hazards, and the clearing and grading of land, in each case within the TIF area or as necessary for rights-of-way or other easement to or from the TIF area;

      • (3) Costs of construction, preservation, rehabilitation, reconstruction, repair or remodeling of new or existing public or private buildings, structures and fixtures, in each case within the TIF area, and costs of any public works or improvements undertaken by, or at the direction of the Government of the Virgin Islands or any other government unit.

      • (4) Costs of parking and transportation facilities, pedestrian walkways and parks that are owned by the Government of the Virgin Islands or any other government unit or are privately owned, in each case within the TIF area or as necessary for rights-of-way or other easements to or from the TIF area;

      • (5) Costs of construction of new public or privately owned low to moderate income housing units and community facilities within the a [sic] TIF area and costs of preservation, rehabilitation, reconstruction, repair or remodeling of public or private buildings for use as housing units and community facilities within a TIF area;

      • (6) Costs of maintaining and operating public works and improvements within the TIF area or as necessary for rights-of-way or other easements to or from the TIF area;

      • (7) Financing costs, including but not limited to all expenses related to the issuance of TIF bonds, principal of and interest and any premium on TIF bonds, TIF bonds reserves, credit enhancements, and costs related to the performance by the PFA of its covenants agreements within the holders of its TIF bonds;

      • (8) Working capital and working capital reserves directly related to the development of a TIF infrastructure project; and

      • (9) Administrative costs of the PFA and the Authority in certification of the Project and issuance of TIF bonds pursuant to this subchapter; and

      • (10) Costs of construction, maintenance and repair, upgrade, and operation of any improvement that generates electricity from any renewable sources including without limitation the following:

        • A. wind;

        • B. closed-loop biomass;

        • C. open-loop biomass;

        • D. geothermal energy;

        • E. solar energy;

        • F. municipal solid waste;

        • G. hydropower; and

        • H. marine and hydrokinetic renewable energy.

        Provided however, that electricity from renewable sources shall only be used within the TIF area or sold directly to the United States Virgin Island Water and Power Authority. Sale to any other party other than the United States Virgin Island Water and Power Authority outside of the TIF area is prohibited.
    • (i) “Development sponsor” means any organization or person that seeks to undertake, a TIF project.

    • (j) “District” means each of the geographic areas of St. Croix or St. Thomas/St. John, individually defined as the St. Croix District and the St. Thomas/St. John District, respectively, and collectively the Districts.

    • (k) “Eligible project” means a project that has been certified by the Authority as complying with the requirements set forth in this chapter.

    • (l) “Gross receipts tax increment revenues” means the portion of the available gross receipts tax revenues constituting a designated gross receipts tax increment and allocable to one or more tax increment funds pursuant to this chapter.

    • (m) “Increment revenues” means gross receipts tax increment revenues and/or real property tax increment revenues, and, if applicable, Designated Casino Tax on Gross Revenues and Designated Hotel Room Occupancy Tax as those terms are defined in the Hotel Development Act, chapter 23, section 1303, subsections (c) and (d) of this title.

    • (n) “Initial assessed value” means the assessed value of each lot of taxable real property within a tax increment area on the date of [sic] determined by the Authority as set forth in Section 5(e) of this chapter.

    • (o) “PFA” means the Virgin Islands Public Finance Authority authorized pursuant to Chapter 15 of title 29 of the Virgin Islands Code.

    • (p) “Project” means any capital improvement undertaken within a TIF area or within rights-of-way or other easements that are individually or collectively contiguous with the TIF area to develop the infrastructure of the TIF development or low to moderate housing or a “Project” as defined in chapter 23, section 1303(k) of this title.

    • (q) “Real property tax increment revenues” means the portion of the available real property tax revenues levied and collected within a TIF area on the positive difference, if any, of current assessed value over the initial assessed value and allocable to one or more than tax increment funds pursuant to this chapter.

    • (r) “Tax increment development plan” means a land use and land development plan for a TIF area.

    • (s) “Tax increment trust fund” means a trust fund established for a TIF area pursuant to this chapter.

    • (t) “TIF area” means a specific geographic area designated within the District pursuant to this chapter for development using tax increment financing under this chapter.

    • (u) “TIF bonds” means tax increment financing bonds, notes or other obligations issued by the PFA pursuant to this chapter.


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