(a) Upon proper application or reapplication, public hearing and in compliance with all other relevant provisions of this subchapter pertaining to the grant of initial benefits, as determined and required by the Commission, any recipient of economic development benefits, granted either pursuant to this subchapter or under previously existing law, may be granted a modification of those benefits subject to the conditions stated herein.
(1) Benefits granted hereunder shall be pursuant to the provisions of this subchapter only, and not pursuant to the provisions of any previous law.
(2) The Commissioner of Labor shall certify the applicant's compliance with all labor laws, rules and regulations prior to extension, modification or renewal of benefits.
(3) If a completed extension or renewal application is not approved or denied by a date that is six months from the date of the applicant’s submission of the application to the Commission, and not the date that the application is deemed complete by the Commission, then the Commission shall issue an extension or renewal certificate to the applicant subject to the condition that the Commission may, upon completion of its compliance review of the prior benefit period only, impose any compliance fines for violations occurring within three years prior to the issuance of the renewal certificate.
(b) The Commission shall not grant any modification of benefits under an existing certificate or grant a new certificate unless it is determined at the time of the application or reapplication for same that the industry or business of the applicant is deserving of the benefits applied for and that it will or continues to promote the economic development of the Virgin Islands.
(1) The amount of additional investment utilized in improving or expanding existing equipment or facilities.
(2) Increase in employment of Virgin Islands residents and the progressive nature, or lack thereof, of the applicant's employment practices in general, including the scope and effectiveness of employee training programs designed to qualify Virgin Islands residents for employment or promotion within the applicant's industry or business.
(3) Whether the industry or business continues to be compatible with the ecology of the Virgin Islands.
(4) Such other criteria as are required to be applied in determining qualification for the initial economic development certificate under this subchapter as are appropriate, as determined by the Commission.
(c) Notwithstanding the other provisions of this section, and consistent therewith, it is specifically contemplated that this section may be utilized to permit the granting of exemption and subsidy benefits for the continuation or reopening of businesses or industries which have previously enjoyed such benefits but which the Commission deems to be a particular importance to the economy of the Virgin Islands and finds could not otherwise continue or reopen.