(a) Upon receiving the report and recommendations of the Director on a particular application the Commission shall, after due public notice, hold a public hearing on said application, of which a verbatim transcript shall be taken, at which hearing all interested parties, including members of the public, shall have an opportunity to appear and testify. After carefully considering all relevant factors regarding an application for economic development benefits, the Commission shall make its determination regarding whether said benefits should be granted or denied, and shall prepare and submit to the Governor and the applicant a detailed report containing its findings thereon.
(b) With respect to a new application for benefits, the Commission shall communicate a finding that the benefits should be denied by transmission of the Commission’s report to the applicant, which constitutes official notice of the denial of benefits. Said report of denial shall describe in detail the reasons for said denial and may specify changes in the investment proposal which would likely lead to a more favorable consideration of a future benefit application. If an application is disapproved, the applicant or beneficiary may petition the Commission, through a written petition to the Commission, in accordance with Rules & Regulations of the EDC, for reconsideration of action within 10 calendar days, excluding Sundays and holidays, from the date the disapproval is received by the applicant.
(c) [Deleted.]
(d) Upon receipt of the report and recommendation of the chief officer on an application of an applicant, including those seeking benefits as a Category V international financial service entity under title 29 V.I.C. § 780(a), and a public hearing held after due public notice, the Commission shall consider whether the specific requirements for such entities as set forth in title 9, chapter 25 have met, and no other factors. If the requirements have been met, the Commission shall grant the benefits applied for without condition. Upon approval of a grant of benefits, the Commission shall proceed to promptly issue the tax benefit certificate referred to in title 9, V.I.C. chapter 25, subchapter II.