(a) Applications for economic development benefits shall be filed with the Director on forms to be designed, printed and provided by him or at his direction. All applications of partnerships shall include a list of the names and addresses of the partners. All applications from a corporation shall include a statement listing the names and addresses of all persons, firms or corporations owning five or more percent of the stock or equitable interest in the enterprise filing the application, which statement shall specify the percentage of stock or equitable interest owned by each such listed person, firm or corporation and, in the case of such a firm or corporation, shall also specify the names of its directors and principal officers. All applications of limited liability companies shall include a list of the names and addresses of the members. If the applicant is granted an economic development certificate, the holder of such certificate shall annually file in the office of the Lieutenant Governor, not later than April 15, a report authenticated by the beneficiary's president, vice-president or other authorized officer or employee, listing the names and addresses of all persons owning five or more percent of the stock or equitable ownership in the benefitted business or industry of such certificate holder, which report shall specify the percentage of stock or equitable interest owned by each such listed person. The report must also include the names and addresses of all legal or equitable owners of such benefited business who have or will claim benefits under this subchapter as bona fide residents of the Virgin Islands. The Director shall carefully review all such applications and undertake such preliminary research and investigations, including, but not limited to the reputation, business background and experience of the applicant, as he deems necessary in formulating his recommendations with regard to same.
(b) The Director shall, within forty-five (45) working days after receiving an application for economic development benefits, submit such application to the Commission Chairman accompanied by a detailed report containing his findings and recommendations with regard to that application. The Director shall, prior to submitting his recommendations, consult with the Virgin Islands Planning Office and any other governmental department or agency possessing expertise regarding a particular application, and shall conduct such other investigations or inquiries as he deems appropriate. The Director may recommend that all economic development benefits available under this subchapter be granted or may recommend the certificate be denied outright or until such time as the applicant effects specific changes in his investment proposals.
(c) If an applicant under this section is an Electronic Commerce Business or e-Commerce Business or Knowledge-Based Business as defined in 17 V.I.C. § 482, the Director shall promptly, but no later than 10 days after receipt of the application, refer the applicant and application to the University of the Virgin Islands Research and Technology Park for consideration as a tenant and title 17 benefit recipient. If the Board of Directors denies benefits to the applicant, the Board shall no later than 10 days refer the application back to the EDA for consideration of granting Economic Development Benefits. The EDA and RT Park may promulgate joint regulations to implement this section.