Application and certification of Project; eligibility

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  • (a) A person wishing to develop a hotel shall apply to the Authority on forms prescribed and made available by the Authority.

  • (b) Before a hotel development project is approved, the applicant must produce a letter of intent from a financial institution and a copy of all documents submitted to the financial institution. The application for certification must contain the following information:

    • (1) Description of the proposed land with the appropriate zoning to construct the Project;

    • (2) A proforma projection of the revenues and expenses of the Project;

    • (3) An assessment of the financial feasibility of the Project;

    • (4) A schedule of the timing and phasing of the Project prepared no earlier than six months before the date the application is submitted; and

    • (5) Such other information as the Authority may require.

  • (c) To be eligible for benefits under this chapter, the project must be:

    • (1) located on the island of St. Croix; or

    • (2) located on the island of St. Thomas, St. John or Water Island.

  • (d) The Authority shall establish by regulations comprehensive eligibility requirements for applicants' participation in the Program.


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