(a) To this end, it is the policy and determination of the Legislature and the Government of the Virgin Islands to provide tax incentives to encourage individuals, partnerships, joint ventures, corporations, and/or organizations to invest in specific types of sports-oriented and/or recreational facilities for young people in the territory, including but not limited to the following:
(1) skating rinks;
(2) bowling alleys;
(3) sports training gymnasiums;
(4) youth recreational sports centers offering a combination of activities;
(5) amusement parks which consist primarily of rides; or
(6) such other facilities as the Commission deems eligible for benefits under this chapter.
(b) It is further the policy and determination of the Government of the Virgin Islands that applications for designated tax incentives shall be monitored by the Economic Development Commission, with the approval of the Governor, but shall remain separate and apart from other programs over which the Commission has jurisdiction because the mission, nature, purpose and policies of this program differs from that of other programs over which the Commission has jurisdiction.
(c) The Legislature and the Government of the Virgin Islands further declares that the issuance and approval of all incentives to provide positive sports and/or recreational activities and facilities shall be in the nature of a written contract between the Government of the Virgin Islands and the beneficiary; the provisions of which shall be binding upon both parties.
(d) It is further declared that, subject to the approval of the Governor, any recreational incentive contract granted in accordance with the provisions of this subchapter may be revoked, suspended or modified in accordance with the provisions of Title 29, chapter 12, section 722, Virgin Islands Code.