(a) The Research and Technology Park will have the following categories of tenants: Beneficiaries of the Virgin Islands' Economic Development Program pursuant to Title 29, chapter 12 of this Code; Beneficiaries of the Farmers, Fishermen and Consumers Assistance Program pursuant to Title 7, chapter 13 of this Code, the Research and Technology Park Cell Corporation pursuant to chapter 42 of this title, other Knowledge-Based Businesses as defined in section 482(h) of this chapter, and Support Businesses as defined in section 482(l) of this chapter. The Board of Directors of the Corporation shall have the exclusive right and authority to negotiate with such businesses as to the terms of their leases and all other aspects of their tenancy in a Research and Technology Park subject to the terms and conditions in the Corporations lease or leases from the University of the Virgin Islands and the Board of Directors.
(1) Beneficiaries of the Virgin Islands Economic Development Program and Beneficiaries of the Farmers, Fishermen and Consumers Assistance Program shall be eligible to apply to become tenants in one of the Research and Technology Parks established pursuant to this chapter, and the Board of Directors of the Corporation shall have the exclusive right and authority to negotiate with the beneficiaries as to the terms of their lease and all other aspects of their tenancy in a Research and Technology Park. In determining whether a beneficiary shall be located in one of the Research and Technology Parks, the Corporation shall evaluate such factors as whether the beneficiary hires or is committed to hiring students, faculty, and graduates of the University of the Virgin Islands, whether the beneficiary's existence in the Research and Technology Park will otherwise enhance the University of the Virgin Islands' mission of teaching, research, and public service, whether the beneficiary has contributed or will contribute funds, services, or materials to the University of the Virgin Islands, and generally whether such synergies exist between the beneficiary and the University of the Virgin Islands so that the beneficiary is an appropriate tenant for a Research and Technology Park.
(2) The Research and Technology Park Cell Corporation as established in chapter 42 of this title shall provide Knowledge-Based Businesses with a cell of such corporation, each a “Research and Technology Cell.” The Research and Technology Cell Corporation shall be established and operated in accordance with the procedures set out in this chapter.
(3) A Virgin Islands entity engaged in a Knowledge-Based Business as defined in section 482(h) of this chapter shall be eligible to receive the tax benefits as set out in section 490B of this chapter.
(4) Incubator Businesses Tenants, as defined in section 482(g) of this chapter, for the development or incubation of new Knowledge-Based Businesses and related businesses seeking to come to the Virgin Islands or to establish operations in the Virgin Islands, and in particular such businesses as are established by residents of the Virgin Islands, shall be eligible to receive the tax benefits as set forth in section 490B of this chapter.
(5) Research and Technology Park Support Businesses as defined in section 482(l) of this chapter shall be eligible to apply to locate in a Research and Technology Park established pursuant to this chapter. The Research and Technology Park Support Businesses, however, shall not receive any tax benefits in connection with their location in the Research and Technology Park.
(b) In determining whether an applicant shall be located in the Research and Technology Park under section 490A(a) (3) or (4), the Corporation shall evaluate whether the applicant is engaged in a Knowledge-Based Business, whether the applicant will contribute to the development of a technology sector in the Virgin Islands, whether the applicant brings synergistic new technologies or technology services to the Virgin islands, whether synergies exist between the applicant and other tenants of the Research and Technology Park, whether the applicant employs or is committed to employing students, faculty and graduates of the University of the Virgin Islands and residents of the Virgin Islands, whether the applicant is committed to investing capital in the Research and Technology Park, whether the applicant has contributed or will contribute funds, services, intellectual capital, or materials to the University of the Virgin Islands and/or the Virgin Islands, or whether the applicant's existence in the Park will otherwise enhance the University of the Virgin Islands' mission of teaching, research and public service.
(c) Every business located in the Research and Technology Park under section 490A(a)(3) or (4) shall file and maintain with the Park Corporation a projection of employment needs, including the number and types of jobs as well as the related skills requirements for those jobs that are anticipated to become available during the projection period, and a plan of action outlining how the company will work cooperatively with the Park Corporation and the University to:
(1) Develop and conduct education and training programs to prepare and qualify graduates of the University and residents (as defined in this Act) of the Virgin Islands for anticipated jobs.
(2) Develop Internship Programs for University of the Virgin Islands and high school students in which students can work with businesses and then be eligible for fulltime employment upon graduation.
(3) Develop “School to Work” programs in collaboration with the high schools and vocational schools to prepare students for employment upon graduation.
(d) Every business shall also advertise all position vacancies with the Virgin Islands Department of Labor, the Park Corporation, University of the Virgin Islands, and local media in order to inform qualified Residents of the Virgin Islands of employment opportunities.
(e) Every business located in the Research and Technology Park under section 490A(a)(3) or (4), in accordance with the rules and regulations of the Corporation, shall agree in writing to employ or contract for services with and to purchase goods, materials and supplies from those persons, firms and corporations who are Residents of the Virgin Islands, or incorporated under the laws of the Virgin Islands, and who are duly licensed to do business in the Virgin Islands and have been so duly licensed for one year or more prior to the initial date of any such employment, contract, or purchase.
(f) Every business located in the Research and Technology Park must maintain an electronic and physical directory of all members, to include addresses, principals, contributions and programs with the University of the Virgin Islands, and a listing of available jobs and positions.