(a) To be eligible for TIF, a development sponsor of any proposed project shall apply to the Authority for certification that the project complies with the requirements of this chapter. The application must contain a preliminary development plan for the project which consist[s] of the following:
(i) A delineation of the proposed TIF area;
(ii) A description of the proposed land uses of the project;
(iii) The use of the financing proceeds made available pursuant to this chapter;
(iv) A pro forma projection of the revenues and the expenses of the project;
(v) An assessment of the financial feasibility of the project;
(vi) A description of the timing and phasing of the project;
(vii) A description of the project's compliance with all provisions and requirements of all applicable environmental, development and land use laws; and
(viii) An analysis of the projected tax revenue and benefits to be generated by the project as set forth in an independent financial assessment;
(b) The Authority shall establish reasonable administrative fees for processing applications.
(c) After the receipt of an application that meets the criteria set forth in subsection (a), the Authority shall certify or reject the project. In determining whether to certify the project, the Authority shall consider the following criteria:
(i) Whether the project is financially feasible;
(ii) Whether the project will likely result in a net increase in the taxes payable to the Government of the Virgin Islands, taking into consideration income taxes, franchise taxes, real property taxes, without regard to the real property tax increment revenues to be applied to payment of the TIF bonds, without regard to the gross receipt tax increment revenues to be applied to payment of the TIF bonds, use taxes, and other taxes, if applicable, over the amount that would have been payable to the Government of the Virgin Islands in the absence of the project;
(iii) Whether the project's total anticipated benefits to the Government of the Virgin Islands, including public benefits as well as financial benefits, exceed the total anticipated costs to the Government of the Virgin Islands; and
(iv) Whether an allocation, dedication or contribution of increment revenues will compete with or supplant benefits from other sources or other means that are otherwise available for the project on reasonable terms and conditions.
(d)
(1) If, upon consideration of the criteria set forth in subsection (b) and following the public hearing required pursuant to section 1206, [sic] and incorporation of any recommendations from the hearing, the Authority decides to certify the project for approval by the Legislature, the Authority shall enter into negotiations with the development sponsors to determine the metes and bound boundaries of the TIF area, details of increment revenues to be allocated, the type of tax to be allocated, and the terms and conditions of any agreement between the Authority or the Government of the Virgin Islands and the development sponsor.
(2) If the project does not comply with the criteria, the Authority shall so notify the development sponsor in writing stating the areas the project fails to meet the criteria. The Authority shall allow the development sponsor up to 60 days to comply and cure any defects.
(e) Upon approving the project, the Authority may require the project sponsor to reimburse the Authority for all or any part of the costs of the independent financial assessment conducted in reviewing the application and any other related costs incurred.
(f) When a project is certified by the Authority pursuant to subsection (c), the Authority shall determine the date to be set for the initial property tax assessment in the TIF area. Thereafter, the Assessor shall, upon request of the Authority, promptly determine and certify the initial assessed value of each lot of taxable property within the TIF area.
(g) The Chairman of the respective island, Virgin Islands Coastal Zone Management Committee; the Commissioner of the Department of Planning and Natural Resources; the Attorney General for the Virgin Islands; the Commissioner of the Virgin Islands Department of Housing, Parks and Recreation; the Virgin Islands Housing Finance Authority; the Virgin Islands Water and Power Authority; the Tax Assessor; and any other relevant department or instrumentality of the Government of the Virgin Islands shall furnish to the Authority information and certificates as may be required by the Authority to confirm a project's compliance with the criteria enumerated in subsection (c) of this section.
(h) Subject to the consent of each development sponsor of a project within the affected TIF area and the rights of the holders of its TIF bonds, the TIF area, may be abolished or merged or have altered boundaries as provided by law.
(i) The Authority, in conjunction with the PFA, shall impose reasonable fees in connection with the issuance of the TIF bonds to defray the costs incurred as a result of the determination of the tax increment allocation and the issuance of the TIF bonds.
(j) The Authority may promulgate rules and regulations to implement the provisions of this section.