(a) The TIF Program:
(1) may use tax incremental financing for the financing of capital improvements in areas where a finding has been made by the Authority, and approved by the Legislature where the need for tax increment financing has been documented to be significant in enhancing the economic viability of the project, but may not be used to supplant existing private investment or government funds for such projects.
(2) must, to the extent practicable, work in conjunction with existing programs and efforts such as Virgin Islands Enterprise Zone Act, historic preservation and other economic development efforts;
(3) must address the need for residential and neighborhood treatment, capital improvements to neighborhood public schools, as well as commercial and industrial development;
(4) must, to the maximum extent feasible, allow full, public knowledge and participation in the decision making under this chapter;
(5) must promote conservation, preservation, environmental protection and rehabilitation while demolition, clearance and relocation must be minimized where possible; and
(6) must develop and apply clear standards, criteria and threshold limits that are applicable to all similar property and areas.
(b) TIF may not be used in violation of the standards established in subsection (a).