(a) The Authority has the following powers with respect to tax increment financing:
(1) To make and execute contracts, and all other instruments desirable, convenient or necessary for the exercise of its powers and functions under this chapter, including agreements with note holders, bondholders, guarantors, or other interested in any matters pertaining to TIF bonds, including limitations of the activities and indebtedness of the Authority;
(2) To prepare or cause to be prepared a tax increment development plan for a TIF area and to modify such plan from time to time as the Authority considers necessary or appropriate following a hearing and certification of project eligibility and the tax increment development plan as set forth in § 1209 of this chapter;
(3) To contract with any department, agency or instrumentalities of the Government of the Virgin Islands or with any person, firm, partnership, corporation, development company or other entity to monitor TIF projects' progress and compliance with their respective TIF Plans and TIF agreements;
(4) Any agency, development company or other entity with which the Authority contracts under subparagraph (3) must have experience in land use planning[,] land development and management of developments similar to the project to be monitored in type and scope, and expertise in financial feasibility analysis;
(5) To make recommendations to the Department of Public Works or Office of Highways and Motor Vehicles, as applicable, with respect to the planning, replanning, opening, dedicating, creation or closing of private or public streets, roads, roadways, alleys, sidewalks and other rights of way in compliance with applicable rules and regulations, and to provide and furnish, or contract with the Government of the Virgin Islands or any other department, agency or instrumentalities or others for the providing and furnishing of any public facilities or services, including local transportation facilities in connection with a development project, provided that where the Virgin Islands Water and Power Authority supplies utility service or services within the area comprising the project shall provide and furnish nor contract for the providing and furnishing of such service and services without the consent of the Virgin Islands Water and Power Authority;
(6) To make recommendations to the Department of Planning and Natural Resources for the creation of land use restrictions, building restrictions and architectural and aesthetic controls by covenants, declarations, and regulations or otherwise on any real property comprising a project;
(7) To make available to the federal government, the Government of the Virgin Islands, or any appropriate department, agency or instrumentality, the recommendations of the Authority affecting any TIF area or property therein, which it may consider likely to promote the public health, morals, safety, or welfare;
(8) To exercise the power of eminent domain for the purpose of forwarding the objectives of a tax increment development plan, such power of eminent domain to be utilized whenever necessary to carry out the purposes of this chapter, except that eminent domain may not be exercised to take real property containing occupied dwelling units for any purpose, including any public purpose; and
(9) To do all things necessary or convenient to carry out the purpose of this chapter and exercise the powers given and granted in this chapter.
(b) The Authority shall make express findings by resolution that it believes that the activity in question and the benefits to be derived from the project will
(1) promote significant opportunities for employment of its citizens;
(2) attract new business enterprises within the TIF areas;
(3) retain or expend an existing business enterprise in the TIF area;
(4) provide affordable housing in the TIF area;
(5) increase revenues to the Government through increased real property taxes and/or gross receipt taxes;
(6) be beneficial to the general economic development of the TIF area as set forth in such resolution;
(7) be less likely to be developed without TIF; and
(8) where applicable, a feasible method exists for the compensation of individuals, families and small businesses that may be displaced by the project and for their relocation to decent, safe, and sanitary dwelling accommodations within their means without undue hardship to the individuals, families and businesses.